4/A: United Security Bancshares Merger Completes

Robert C. Oberg Jr. reports on the disposition of United Security Bancshares common stock following its merger with Community West Bancshares, effective April 1, 2026.

Summary

• Robert C. Oberg Jr., SVP & Chief Risk Officer of United Security Bancshares, has filed an amendment to his Form 4 statement regarding changes in beneficial ownership.
• The filing clarifies that Oberg is no longer subject to Section 16 reporting for United Security Bancshares as of April 1, 2026.
• This change is due to the merger between United Security Bancshares and Community West Bancshares, which became effective on April 1, 2026.
• In the merger, each share of United Security Bancshares common stock was converted into the right to receive 0.4520 shares of Community West Bancshares common stock.
• Unvested restricted stock awards from United Security Bancshares automatically vested and became entitled to the merger consideration.
• Oberg disposed of 29,469.392 shares of common stock, with the transaction code indicating a disposition related to the merger agreement dated December 16, 2025.
• The filing also corrects the disposition price and makes clarifying changes to footnote (1) of the original filing.
• The earliest transaction date noted is April 1, 2026, with an original filing date of April 3, 2026, and this amendment filed on April 13, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily reporting on a completed merger and subsequent executive ownership changes rather than new financial performance or strategic initiatives.

Positives

• The merger between United Security Bancshares and Community West Bancshares has been successfully completed, as indicated by the effective date of April 1, 2026.
• All outstanding unvested restricted stock awards were automatically vested, providing immediate benefit to award holders.
• The reporting person has clarified their reporting status, indicating a clean transition post-merger.

Negatives

• The disposition of shares by a key executive (SVP & Chief Risk Officer) suggests a change in ownership structure following the merger.
• The filing notes a correction to the disposition price, which could imply a minor adjustment in the valuation or reporting of the transaction.

Risks

• Integration risks associated with the merger between United Security Bancshares and Community West Bancshares, including potential operational challenges and cultural alignment issues.
• Potential for further executive or employee departures following the completion of the merger.
• Uncertainty regarding the future performance of the combined entity, Community West Bancshares, in the market.

Future Outlook

The filing itself does not contain forward-looking statements or guidance. However, the merger implies a future outlook for the combined entity, Community West Bancshares, which will operate as the surviving entity.

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 a common post-merger event where executives adjust their holdings and reporting status. The successful completion of the merger between United Security Bancshares and Community West Bancshares indicates consolidation activity within the regional banking sector, driven by factors such as increased competition, regulatory pressures, and the pursuit of economies of scale.

Corporate Governance

Stakeholder Impact

• Shareholders of United Security Bancshares: Received Community West Bancshares stock as per the merger agreement, representing a change in their investment vehicle.
• Employees of United Security Bancshares: May experience changes in roles, responsibilities, and organizational structure as part of the integration with Community West Bancshares.
• Management of United Security Bancshares: Transitioning reporting obligations and potentially new roles within the combined entity.

Next Steps

• Robert C. Oberg Jr. will no longer be subject to Section 16 reporting requirements for United Security Bancshares.
• The combined entity, Community West Bancshares, will continue its operations as the surviving entity post-merger.

Key Dates

Keywords

SEC Form 4, Beneficial Ownership, Merger, United Security Bancshares, Community West Bancshares, Robert C. Oberg Jr., Stock Disposition, Restricted Stock Award, Section 16 Reporting, Corporate Governance