4/A: United Security Bancshares Merger Completes

Kenneth D. Newby files amended Form 4 detailing share disposition following the merger of United Security Bancshares with Community West Bancshares.

Summary

• This filing is an amendment to a Form 4, originally filed on April 3, 2026, by Kenneth D. Newby, a Director of United Security Bancshares.
• The amendment clarifies that Mr. Newby is no longer subject to Section 16 reporting for United Security Bancshares.
• It corrects the disposition price of Company common stock and provides clarifying changes to footnote (1).
• The transactions reported relate to the merger between United Security Bancshares and Community West Bancshares, which became effective on April 1, 2026.
• Mr. Newby disposed of 39,953.899 shares of Common Stock directly and 14,911.158 shares held in an IRA indirectly.
• These shares were converted into the right to receive 0.4520 of a share of Community West Bancshares common stock per share of United Security Bancshares common stock.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily an administrative correction and update related to a completed merger, with no new strategic or financial performance information.

Positives

• The merger between United Security Bancshares and Community West Bancshares has been successfully completed as of April 1, 2026.
• All outstanding unvested restricted stock awards automatically vested in full upon the merger's effective date.

Negatives

• The filing details the disposition of a significant number of shares by a reporting person, indicating a change in ownership structure due to the merger.

Risks

• The merger introduces integration risks as United Security Bancshares becomes part of Community West Bancshares.
• Potential for changes in strategic direction or operational focus under the new combined entity.

Future Outlook

The filing does not contain forward-looking statements or guidance. The reported transactions are historical events related to a completed merger.

Management Comments

• The reporting person, Kenneth D. Newby, is no longer subject to Section 16 reporting with respect to the Company.
• The disposition price of shares of Company common stock has been corrected.
• Clarifying changes have been made to footnote (1).

Industry Context

StockSavvy.ai notes that this Form 4 filing reflects a common outcome of bank mergers, where executive and director holdings are adjusted or converted as part of the acquisition process. The consolidation trend in the banking sector often leads to such filings as entities combine.

Stakeholder Impact

• Shareholders of United Security Bancshares have transitioned to being shareholders of Community West Bancshares, with their ownership stake adjusted based on the merger ratio.
• Employees of United Security Bancshares may experience changes in employment terms, benefits, or roles as part of the integration into Community West Bancshares.

Next Steps

• Mr. Newby 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, Insider Trading, Merger, United Security Bancshares, Community West Bancshares, Kenneth D. Newby, Beneficial Ownership, Stock Disposition, Corporate Governance