4/A: United Security Bancshares Merger Completes

Susan Quigley's Form 4 filing details the completion of the merger between United Security Bancshares and Community West Bancshares, effective April 1, 2026.

Summary

• This filing is an amendment to a previous Form 4 filed by Susan Quigley, a Director of United Security Bancshares.
• The amendment clarifies reporting status, corrects a disposition price, and updates footnote details.
• The primary transaction reported is the disposition of 24,887 shares of Common Stock on April 1, 2026, with a reported value of $0.
• This disposition was part of the merger agreement between United Security Bancshares and Community West Bancshares, which became effective on April 1, 2026.
• Under the merger, United Security Bancshares merged with and into Community West Bancshares, with Community West as the surviving entity.
• Each share of United Security Bancshares common stock was converted into 0.4520 shares of Community West common stock.
• Outstanding unvested restricted stock awards also vested and became entitled to the merger consideration.
• Additionally, stock options held by the reporting person were converted, with any excess of the option price over $10.29 (20-day VWAP ending March 27, 2026) being paid out.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily serving as a procedural update on a completed merger rather than indicating new financial performance or strategic shifts.

Positives

• The merger between United Security Bancshares and Community West Bancshares has been successfully completed, as of April 1, 2026.
• The transaction provides shareholders with Community West Bancshares stock, potentially offering access to a larger entity.
• Unvested restricted stock awards were automatically vested, benefiting the award holders.

Negatives

• The disposition of 24,887 shares of common stock is reported with a value of $0, indicating the value was realized through the merger consideration.
• The conversion of stock options may result in a payout only if the option price exceeds $10.29, suggesting some options may not have yielded a cash benefit.

Risks

• The filing does not explicitly detail new risks associated with the merger's completion, but the integration of two entities inherently carries operational and financial risks.
• Shareholders are now exposed to the performance and risks of Community West Bancshares, the surviving entity.

Future Outlook

The filing itself does not contain forward-looking statements or guidance. The future outlook for the reporting person is now tied to their role and holdings within Community West Bancshares.

Management Comments

• The reporting person is no longer subject to Section 16 reporting with respect to the Company (United Security Bancshares).
• Clarification of the disposition price of shares of Company common stock.
• Making clarifying changes to footnote (1).

Industry Context

StockSavvy.ai notes that bank mergers and acquisitions are common in the financial industry, driven by the pursuit of scale, efficiency, and expanded market reach. This transaction aligns with broader consolidation trends within the U.S. banking sector.

Stakeholder Impact

• Shareholders: United Security Bancshares shareholders have converted their holdings into Community West Bancshares stock, impacting their investment portfolio and future returns.
• Employees: Employees of United Security Bancshares are now employees of Community West Bancshares, potentially facing changes in roles, benefits, or organizational structure.
• Management: Management of United Security Bancshares may have transitioned to roles within Community West Bancshares or departed, depending on the merger agreement.
• Creditors: Creditors of United Security Bancshares will now be creditors of Community West Bancshares, with the creditworthiness of the surviving entity being paramount.

Next Steps

• Susan Quigley will now report beneficial ownership changes related to Community West Bancshares, if applicable.
• Shareholders of United Security Bancshares are now shareholders of Community West Bancshares.

Key Dates

Keywords

SEC Form 4, Merger, United Security Bancshares, Community West Bancshares, Susan Quigley, Director, Stock Options, Restricted Stock, Beneficial Ownership, SEC Filing