United Security (NASDAQ: UBFO) risk chief’s 29,469 shares converted in Community West merger

Rhea-AI Filing Summary

UNITED SECURITY BANCSHARES Senior Vice President and Chief Risk Officer Robert C. Oberg Jr. reported a disposition of company common stock tied to the company’s merger with Community West Bancshares. On April 1, 2026, 29,469.392 shares of company common stock were surrendered to the issuer.

According to the merger agreement, at 12:01 a.m. on April 1, 2026, 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 as merger consideration. The filing also notes that each outstanding unvested company restricted stock award automatically vested in full and became entitled to the same merger consideration. Following this conversion, Oberg reported no remaining directly held shares of UNITED SECURITY BANCSHARES common stock.

Insights

Equity compensation and M&A specialist

Executive’s shares converted into merger stock, not sold on the market.

The filing shows Robert C. Oberg Jr. disposing of 29,469.392 UNITED SECURITY BANCSHARES shares through a merger with Community West Bancshares, not through an open-market sale. Each share became the right to receive 0.4520 Community West shares as stock-based merger consideration.

This is typical in bank mergers, where target-company shares are converted into acquirer stock at a fixed exchange ratio. The note that all unvested restricted stock awards vested and received the same consideration reflects standard treatment of executive equity during a change in control, aligning awards with the closing transaction.

For investors, the key point is that this disposition reflects completion of the merger structure rather than a discretionary trade by the executive. The executive’s reported holdings of UNITED SECURITY BANCSHARES common stock drop to zero, consistent with the company being absorbed into Community West at the stated effective time.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider OBERG ROBERT C JR

Role SVP & CHIEF RISK OFFICER

Type	Security	Shares	Price	Value
Disposition	Common Stock	29,469.392	$0.00	--

Holdings After Transaction: Common Stock — 0 shares (Direct)

Footnotes (1)

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. For disclosure purposes only.

Key Figures

Shares disposed: 29,469.392 shares Exchange ratio: 0.4520 shares Post-transaction UBFO holdings: 0 shares +1 more

4 metrics

Shares disposed 29,469.392 shares Common stock surrendered in merger on April 1, 2026

Exchange ratio 0.4520 shares Community West common stock per UNITED SECURITY BANCSHARES share

Post-transaction UBFO holdings 0 shares Directly held UNITED SECURITY BANCSHARES common stock after merger

Merger effective time 12:01 a.m. April 1, 2026 Effective time of merger with Community West

Key Terms

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

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

"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.

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.

dissenting shares regulatory

"each share of Company common stock, other than excluded shares and dissenting shares, was converted into the right to receive"

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.

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^*

OBERG ROBERT C JR

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP & CHIEF RISK OFFICER

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		29,469.392	D	$0(1)	0	D(2)

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.

2. For disclosure purposes only.

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/ ROBERT C OBERG	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 did UBFO executive Robert C. Oberg Jr. report in this Form 4/A?

He reported a disposition of 29,469.392 shares of UNITED SECURITY BANCSHARES common stock. The shares were surrendered to the issuer as part of the company’s merger into Community West Bancshares, where each share converted into the right to receive Community West stock under a fixed exchange ratio.

Was the UBFO insider transaction an open-market sale of shares?

No, it was not an open-market sale. The shares were disposed of to the issuer pursuant to a merger agreement with Community West Bancshares. Each UNITED SECURITY BANCSHARES share became the right to receive 0.4520 Community West common shares as merger consideration at closing.

What exchange ratio applied to UBFO common stock in the Community West merger?

Each share of UNITED SECURITY BANCSHARES common stock, other than excluded and dissenting shares, was converted into the right to receive 0.4520 of a share of Community West Bancshares common stock. This fixed stock-for-stock exchange ratio defined the merger consideration paid to shareholders.

When did the UBFO–Community West Bancshares merger become effective?

The merger became effective at 12:01 a.m. on April 1, 2026. At that time, UNITED SECURITY BANCSHARES merged with and into Community West Bancshares, with Community West surviving and company common shares converting into rights to receive Community West stock at the agreed ratio.

How many UBFO shares did Robert C. Oberg Jr. hold after the merger transaction?

Following the merger-related disposition, the filing reports that Robert C. Oberg Jr. directly held zero shares of UNITED SECURITY BANCSHARES common stock. His prior holdings were converted into the right to receive Community West Bancshares shares under the merger’s 0.4520-for-1 exchange ratio.

How were UBFO restricted stock awards treated in the Community West merger?

Each outstanding unvested UNITED SECURITY BANCSHARES restricted stock award automatically vested in full at the effective time. These vested awards became entitled to receive the same 0.4520 share-for-share merger consideration in Community West Bancshares common stock as regular company common shares.