4/A: Dora Westerlund's SEC Filing Amendment

Dora Westerlund amends prior SEC filing to clarify post-merger status and correct transaction details regarding United Security Bancshares.

Summary

• This filing is an amendment to a previous Form 4 filed by Dora Westerlund, a Director of United Security Bancshares.
• The amendment clarifies that Westerlund is no longer subject to Section 16 reporting requirements for United Security Bancshares following its merger with Community West Bancshares.
• It also corrects the disposition price of common stock and provides clarifying changes to footnote (1) of the original filing.
• The merger between United Security Bancshares and Community West Bancshares became effective on April 1, 2026.
• Under the merger terms, Westerlund's stock options were converted into a right to receive the amount by which the option's price exceeded $10.29, based on a 20-day VWAP ending March 27, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it is an administrative amendment to correct and clarify previous disclosures related to a completed merger, rather than announcing new financial performance or strategic initiatives.

Positives

• Clarification of reporting status post-merger, indicating a resolution of administrative requirements.
• Correction of transaction details ensures accurate reporting of ownership changes.

Negatives

• The filing implies a disposition of securities due to a merger, which is a significant corporate event that often leads to changes in shareholding structure.

Risks

• The merger itself presents integration risks for both United Security Bancshares and Community West Bancshares.
• Potential for further adjustments or clarifications related to the merger's financial implications.

Future Outlook

The filing does not contain forward-looking statements or guidance. It primarily serves to amend previous disclosures related to a completed merger.

Management Comments

• The amendment is being filed to clarify that the Reporting Person is no longer subject to Section 16 reporting with respect to the Company.
• The amendment is to correct the disposition price of shares of Company common stock.
• The amendment is to make clarifying changes to footnote (1).

Industry Context

StockSavvy.ai notes that this filing reflects a common post-merger administrative step for insiders, ensuring accurate reporting of ownership changes and compliance with SEC regulations following the consolidation of United Security Bancshares into Community West Bancshares.

Comparison to Industry Standards

• In the banking sector, mergers and acquisitions are frequent. Following such transactions, it is standard practice for insiders to file amendments to Form 4 to reflect changes in beneficial ownership and reporting obligations.
• The conversion ratio of 0.4520 shares of Community West for each United Security share is specific to this deal and would be compared against other bank merger ratios on a case-by-case basis.
• The stock option conversion mechanism, based on a threshold and VWAP, is a typical method used to value and settle outstanding options in M&A scenarios within the financial industry.

Stakeholder Impact

• Shareholders of United Security Bancshares have had their shares converted into Community West Bancshares stock.
• Dora Westerlund's beneficial ownership and reporting obligations have been clarified post-merger.

Next Steps

• Dora Westerlund will no longer be subject to Section 16 reporting for United Security Bancshares.
• The merger between United Security Bancshares and Community West Bancshares is complete.

Key Dates

Keywords

SEC Form 4, Dora Westerlund, United Security Bancshares, UBFO, Merger, Community West Bancshares, Beneficial Ownership, Stock Options, Section 16 Reporting