United Security Bancshares (UBFO) converts shares in Community West merger

Rhea-AI Filing Summary

UNITED SECURITY BANCSHARES director G. Thompson Ellithorpe reported disposing of his common stock in connection with the company’s merger into Community West Bancshares. The merger became effective at 12:01 a.m. on April 1, 2026 under a previously signed Agreement and Plan of Merger.

The filing shows 89,011.834 shares of United Security Bancshares common stock held directly and 98,420 shares held indirectly as trustee were disposed of to the issuer as part of the merger. Each share of company common stock, other than excluded and dissenting shares, was converted into the right to receive 0.4520 of a share of Community West common stock, and outstanding unvested restricted stock awards vested and became entitled to the same merger consideration.

Insights

Bank M&A and governance analyst

Director’s holdings are converted to Community West stock via all‑stock merger.

The transactions reflect a Disposition to issuer, not open-market selling. United Security Bancshares merged into Community West Bancshares, and each eligible share was converted into the right to receive 0.4520 Community West shares as merger consideration.

Ellithorpe’s 89,011.834 directly held shares and 98,420 trustee-held shares were surrendered as part of this process, leaving zero United Security shares reported after the transaction. The filing also notes that unvested restricted stock awards fully vested and became entitled to the same stock consideration at the April 1, 2026 effective time.

This Form 4/A mainly documents how insider and trust holdings were treated in the merger rather than signaling discretionary buying or selling. The economic outcome for the director depends on the value of Community West shares received under the fixed 0.4520 exchange ratio.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider ELLITHORPE G THOMPSON

Role Director

Type	Security	Shares	Price	Value
Disposition	Common Stock	89,011.834	$0.00	--
Disposition	Common Stock	98,420	$0.00	--

Holdings After Transaction: Common Stock — 0 shares (Direct); Common Stock — 0 shares (Indirect, Trustee)

Footnotes (1)

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Key Figures

Direct shares disposed: 89,011.834 shares Indirect shares disposed: 98,420 shares Exchange ratio: 0.4520 Community West shares per share +1 more

4 metrics

Direct shares disposed 89,011.834 shares Common stock surrendered by director in merger on April 1, 2026

Indirect shares disposed 98,420 shares Common stock held as Trustee, disposed in merger on April 1, 2026

Exchange ratio 0.4520 Community West shares per share Merger consideration for each eligible share of United Security Bancshares common stock

Merger effective time 12:01 a.m. April 1, 2026 Time at which the merger and share conversions became effective

Key Terms

Agreement and Plan of Merger, Merger Consideration, dissenting shares, restricted stock award

4 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

"was converted into the right to receive 0.4520 of a share of common stock of Community West (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.

dissenting shares regulatory

"each share of Company common stock, other than excluded shares and dissenting shares, was converted"

Dissenting shares are shares held by investors who formally oppose a proposed corporate action—such as a merger or takeover—and choose to demand a cash payment for the value of their stock instead of accepting the deal’s terms. This matters to investors because it can slow or complicate a transaction, trigger a legal process to set a fair price, and affect how much cash a company must pay out, which in turn influences the financial outcome for all shareholders.

restricted stock award financial

"each outstanding unvested Company restricted stock award automatically vested in full"

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.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ELLITHORPE G THOMPSON

(Last) (First) (Middle)

2126 INYO STREET

(Street)

FRESNO CALIFORNIA 93721

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
UNITED SECURITY BANCSHARES [ UBFO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)
04/03/2026

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/01/2026		D		89,011.834(1)	D	$0	0	D
Common Stock	04/01/2026		D		98,420(1)	D	$0	0	I	Trustee

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 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.

Remarks:

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).

	/S/ TOM ELLITHORPE	04/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Ellithorpe report for UNITED SECURITY BANCSHARES (UBFO)?

Ellithorpe reported dispositions of UNITED SECURITY BANCSHARES common stock tied to the merger into Community West. He surrendered 89,011.834 directly held shares and 98,420 trustee-held shares back to the issuer as part of the all-stock merger consideration process.

Was the Ellithorpe Form 4/A a market sale of UBFO stock?

No, the Form 4/A records a Disposition to issuer as part of a merger. Shares were surrendered under an Agreement and Plan of Merger and converted into the right to receive Community West common stock, rather than sold on the open market for cash.

What was the merger consideration for UNITED SECURITY BANCSHARES shareholders?

Each share of UNITED SECURITY BANCSHARES common stock, excluding certain categories, was converted into the right to receive 0.4520 of a share of Community West common stock. This stock-for-stock exchange set the equity value insiders and other shareholders received in the transaction.

How were Ellithorpe’s indirect UBFO holdings treated in the merger?

Shares held indirectly where Ellithorpe was listed as trustee were also disposed of to the issuer under the merger. The filing shows 98,420 shares of common stock held in this trustee capacity, which were converted into the same 0.4520-per-share Community West stock consideration as other eligible shares.

What happened to UNITED SECURITY BANCSHARES restricted stock awards in the merger?

Each outstanding unvested UNITED SECURITY BANCSHARES restricted stock award automatically vested in full at the merger’s effective time. Once vested, those shares became entitled to the same 0.4520 share Community West merger consideration as other eligible common stock.

When did the UNITED SECURITY BANCSHARES and Community West Bancshares merger become effective?

The merger of UNITED SECURITY BANCSHARES into Community West Bancshares became effective at 12:01 a.m. on April 1, 2026. At that moment, company common shares and vested restricted stock were converted into rights to receive Community West common stock under the agreed exchange ratio.