4/A: United Security Bancshares Merger Completes

United Security Bancshares reports on the completion of its merger with Community West Bancshares, detailing ownership changes for its SVP & Chief Financial Officer.

Summary

• This filing is an amendment to a Form 4, reporting changes in beneficial ownership for David A. Kinross, SVP & Chief Financial Officer of United Security Bancshares.
• The amendment clarifies Kinross's reporting status post-merger and corrects disposition price details.
• The merger between United Security Bancshares and Community West Bancshares became effective on April 1, 2026.
• As of April 1, 2026, each share of United Security Bancshares common stock was converted into 0.4520 shares of Community West Bancshares common stock.
• Unvested restricted stock awards from United Security Bancshares automatically vested upon the merger's effective date.
• David A. Kinross disposed of 28,236 shares of common stock on March 24, 2026, with a disposition price of $0.
• Following the transaction, Kinross beneficially owns 95,733 shares of common stock, held in trust.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily reporting on the administrative and ownership aspects of a completed merger, with no new financial performance data or strategic outlook.

Positives

• The merger with Community West Bancshares has been successfully completed, as of April 1, 2026.
• All outstanding unvested restricted stock awards were automatically vested, benefiting award holders.

Negatives

• The disposition of 28,236 shares by the reporting person on March 24, 2026, was at a price of $0, indicating a non-cash transaction or a value attributed within the merger agreement.
• The reporting person is no longer subject to Section 16 reporting with respect to United Security Bancshares, signifying the end of its independent reporting status.

Future Outlook

The filing does not contain forward-looking statements or guidance. It reports on a completed merger and associated ownership changes.

Management Comments

• This amendment to the Reporting Person's Form 4 filed on April 3, 2026, is being filed to (i) clarify that the Reporting Person is no longer subject to Section 16 reporting with respect to the Company, (ii) correct the disposition price of shares of Company common stock, and (iii) make clarifying changes to footnote (1).

Industry Context

StockSavvy.ai notes that this Form 4 filing reflects the completion of a significant corporate event, a merger, which is a common strategic move in the banking sector to achieve scale, enhance market position, or diversify offerings. The details provided are typical for reporting ownership changes following such transactions.

Stakeholder Impact

• Shareholders: Their investment in United Security Bancshares has been converted into shares of Community West Bancshares, subject to the merger ratio.
• Employees: The merger may lead to changes in organizational structure and roles within the combined entity.
• Management: David A. Kinross's reporting obligations have changed post-merger.

Next Steps

• David A. Kinross will no longer be subject to Section 16 reporting for United Security Bancshares.
• Shareholders of United Security Bancshares have received Community West Bancshares stock as per the merger agreement.

Key Dates

Keywords

SEC Form 4, Beneficial Ownership, Merger, United Security Bancshares, Community West Bancshares, David A. Kinross, SVP & Chief Financial Officer, Restricted Stock Award, Stock Conversion