THOMASVILLE, Ala., Jan. 20 /PRNewswire-FirstCall/ -- United Security Bancshares, Inc. ("USB"), a Delaware corporation, based in Thomasville, Alabama, announced today that its Board of Directors has authorized a new share repurchase program in which USB may repurchase up to 642,785 shares of its common stock. The repurchase program will expire on December 31, 2007. Share repurchases under the repurchase program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The repurchase program does not obligate USB to acquire any particular number of shares and may be suspended at any time at USB's discretion.
In connection with the adoption of the new share repurchase program, the Board of Directors has terminated USB's prior share repurchase program adopted in May, 2001. The prior share repurchase program authorized the purchase of up to 1,429,204 shares of common stock and would have expired on June 30, 2006. Under the prior share repurchase program, USB had repurchased approximately 757,286 shares of common stock.
USB is a $620 million bank holding company which operates a commercial banking subsidiary, First United Security Bank (the "Bank"). The Bank has eighteen banking offices located in Thomasville, Coffeeville, Fulton, Gilbertown, Grove Hill, Butler, Jackson, Brent, Centreville, Woodstock, Harpersville, Bucksville, Calera and Tuscaloosa, Alabama. Its market area includes Clarke, Choctaw, Bibb, Shelby, Tuscaloosa and portions of Marengo, Sumter, Washington, Wilcox, Chilton, Hale, Monroe, Perry and Jefferson Counties in Alabama, as well as Clarke, Lauderdale and Wayne Counties in Mississippi. The Bank also owns and operates Acceptance Loan Company, Inc. and FUSB Reinsurance, Inc. In addition to the Bank, USB owns and operates First Security Courier Corporation.
Statements contained in this press release which are not historical facts are forward-looking statements. Such forward-looking statements are necessarily estimates reflecting the best judgment of USB's senior management based upon current information and involve a number of risks and uncertainties. Certain factors which could affect the accuracy of such forward-looking statements are identified in the public filings made by USB with the Securities and Exchange Commission, and forward-looking statements contained in this press release or in other public statements of USB or its senior management should be considered in light of those factors. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.
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