United Security (NASDAQ: UBFO) SVP reports stock dispositions in Community West merger
Rhea-AI Filing Summary
United Security Bancshares senior vice president Porsche A. Saunders reported dispositions of company common stock in connection with the completion of its merger with Community West Bancshares. On April 1, 2026, shares were surrendered to the issuer and exchanged under the merger terms.
The filing shows 48,608.806 shares of common stock disposed of directly to the issuer and 8,010.138 shares disposed of indirectly from a custodial account. In a separate March 24, 2026 transaction, 13,389 shares were disposed of to cover tax obligations.
Under the merger agreement, each share of United Security 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 all outstanding unvested restricted stock awards vested and became entitled to the same merger consideration.
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Insider Trade Summary
Net Seller: 70,007.944 shares
Net Sell
3 txns
Insider
Saunders Porsche A
Role
Insider
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock | 48,608.806 | $0.00 | $0.00 |
| Disposition | Common Stock | 8,010.138 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Stock | 13,389 | $0.00 | $0.00 |
Holdings After Transaction:
Common Stock — 0 shares (Direct);
Common Stock — 0 shares (Indirect, Custodial Account 2)
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
Direct shares disposed to issuer: 48,608.806 shares
Indirect shares disposed: 8,010.138 shares
Tax-withholding shares: 13,389 shares
+1 more
4 metrics
Direct shares disposed to issuer
48,608.806 shares
Common Stock, disposition to issuer on April 1, 2026
Indirect shares disposed
8,010.138 shares
Common Stock from Custodial Account 2 on April 1, 2026
Tax-withholding shares
13,389 shares
Common Stock disposed for tax liability on March 24, 2026
Merger exchange ratio
0.4520 share
Community West common stock per United Security common share
Key Terms
Agreement and Plan of Merger, Merger Consideration, restricted stock award, dissenting shares
4 terms
Agreement and Plan of Merger financial
"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.
FAQ
What insider transactions did UBFO senior vice president Porsche A. Saunders report?
Porsche A. Saunders reported dispositions of United Security Bancshares common stock tied to its merger with Community West Bancshares. The filing shows shares returned to the issuer and additional shares delivered to satisfy tax obligations associated with equity compensation and the merger closing.
How were UBFO restricted stock awards treated in the Community West merger?
The agreement provides that each outstanding unvested United Security Bancshares restricted stock award automatically vested in full at the merger’s effectiveness. Once vested, each such award became entitled to the same 0.4520-per-share Community West Bancshares stock consideration applicable to regular United Security common shares.
AI-generated analysis. How Rhea-AI works. Not financial advice.
