United Security (UBFO) SVP stock converted in Community West merger
Rhea-AI Filing Summary
United Security Bancshares senior vice president and chief credit officer William M. Yarbenet disposed of 75,475.0400 shares of common stock in a transaction coded as a disposition to the issuer. The shares were converted under a merger in which United Security merged into Community West Bancshares.
At 12:01 a.m. on April 1, 2026, each share of United Security common stock, other than excluded and dissenting shares, became entitled to receive 0.4520 of a Community West common share as merger consideration. All outstanding unvested United Security restricted stock awards vested in full and also became entitled to this same merger consideration, and Yarbenet’s reported direct holdings in United Security common stock fell to zero after the transaction.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 75,475.04 shares
Net Sell
1 txn
Insider
Yarbenet William M.
Role
SVP & CCO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock | 75,475.04 | $0.00 | $0.00 |
Holdings After Transaction:
Common Stock — 0 shares (Direct)
Footnotes (1)
- F1. Disposed of pursuant to the Agreement and Plan of Merger, dated as of December 16, 2025 (the "Merger Agreement"), by and between Community West Bancshares ("Community West") and United Security Bancshares (the "Company"), providing for the Company to merge (the "Merger") with and into Community West with Community West being the surviving entity. The Merger became effective at 12:01 a.m. on April 1, 2026, at which time (i) 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 (the "Merger Consideration"); (ii) each outstanding unvested Company restricted stock award automatically vested in full and became entitled to the Merger Consideration.
Key Figures
Shares disposed: 75,475.0400 shares
Exchange ratio: 0.4520 share per share
Post-transaction holdings: 0 shares
+1 more
4 metrics
Shares disposed
75,475.0400 shares
Common stock disposed in merger-related transaction on April 1, 2026
Exchange ratio
0.4520 share per share
Each United Security share became entitled to 0.4520 Community West share
Post-transaction holdings
0 shares
Total United Security common shares directly owned by Yarbenet after transaction
Merger effective time
12:01 a.m. on April 1, 2026
Effective time of United Security’s merger into Community West
Key Terms
Agreement and Plan of Merger, Merger Consideration, restricted stock award
3 terms
Agreement and Plan of Merger regulatory
"Disposed of pursuant to the Agreement and Plan of Merger, dated as of December 16, 2025"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
Merger Consideration financial
"each share of Company common stock ... was converted into the right to receive 0.4520 of a share ... (the "Merger Consideration")"
Merger consideration is the total payment a company or buyer offers to shareholders of a target company in exchange for combining the two businesses, and can include cash, shares in the surviving company, debt assumption, or a mix of these. Investors care because the form and amount affect the deal’s value, tax consequences, immediate cash received versus future ownership, and the risk and upside of holding new shares — similar to choosing between cash now or stock that could grow later.
restricted stock award financial
"each outstanding unvested Company restricted stock award automatically vested in full and became entitled to the Merger Consideration"
A restricted stock award is company shares given to an employee or executive that cannot be sold or fully owned until certain conditions—like staying with the company for a set time or hitting performance targets—are met. Think of it as a gift that only becomes yours after you fulfill specific obligations; for investors, these awards matter because they can increase the total shares outstanding when they vest, reveal how management is being paid and motivated, and create potential selling pressure when restrictions lift.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transaction did UBFO executive William M. Yarbenet report?
William M. Yarbenet reported disposing of 75,475.0400 shares of United Security Bancshares common stock. The disposition was to the issuer and occurred in connection with a merger into Community West Bancshares, rather than an open-market sale or purchase, and reduced his reported United Security holdings to zero.