Form 4: United Security Bancshares Merger Completes

United Security Bancshares common stock was converted into Community West Bancshares common stock as part of a merger effective April 1, 2026.

Summary

• This filing reports changes in beneficial ownership of United Security Bancshares (UBFO) common stock.
• The changes are a result of the merger between United Security Bancshares and Community West Bancshares, which became effective on April 1, 2026.
• Reporting person G. Thompson Ellithorpe disposed of 89,011.834 shares and 98,420 shares of common stock.
• These shares were converted into Community West Bancshares common stock at a ratio of 0.4520 shares of Community West Bancshares for each share of United Security Bancshares.
• Unvested restricted stock awards also vested and became entitled to the merger consideration.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, as it represents the completion of a previously announced merger rather than new operational or financial performance data.

Positives

• The merger between United Security Bancshares and Community West Bancshares has been successfully completed.
• Shareholders are receiving Community West Bancshares common stock as consideration for their United Security Bancshares shares.
• Unvested restricted stock awards were fully vested, providing immediate benefit to award holders.

Negatives

• United Security Bancshares will cease to exist as an independent entity following the merger.
• The filing details the disposition of shares, indicating a change in ownership structure for the reporting person.

Risks

• Integration risks associated with the merger of two banking entities.
• Potential for changes in the value of Community West Bancshares stock received as merger consideration.
• Regulatory approvals and compliance associated with the merger.

Future Outlook

The future outlook is tied to the performance of Community West Bancshares following the merger. Shareholders now hold shares in the surviving entity, Community West Bancshares.

Management Comments

• The merger became effective at 12:01 a.m. on April 1, 2026.
• Each share of Company common stock, other than excluded shares and dissenting shares, was converted into the right to receive 0.4520 of a share of common stock of Community West.
• Each outstanding unvested Company restricted stock award automatically vested in full and became entitled to the Merger Consideration.

Industry Context

StockSavvy.ai notes that this merger signifies ongoing consolidation within the regional banking sector, driven by the pursuit of scale, efficiency, and expanded market reach.

Stakeholder Impact

• Shareholders: Their investment is now in Community West Bancshares, with their holdings converted based on the merger ratio.
• Employees: Potential for changes in roles, responsibilities, and organizational structure due to integration.
• Creditors: The creditworthiness and terms of debt may be affected by the combined entity's financial standing.

Next Steps

• Shareholders of United Security Bancshares now hold shares in Community West Bancshares.
• Integration of operations between the two former entities will continue.

Key Dates

Keywords

merger, United Security Bancshares, Community West Bancshares, SEC Form 4, beneficial ownership, stock conversion, G. Thompson Ellithorpe, UBFO