United Security director exits stake in merger
UNITED SECURITY BANCSHARES director Heather Hammack reported disposing of her equity position in connection with the company’s merger into Community West Bancshares.
Rhea-AI Filing Summary
UNITED SECURITY BANCSHARES director Heather Hammack reported disposing of her equity position in connection with the company’s merger into Community West Bancshares. At the effective time on April 1, 2026, each share of United Security common stock was converted into the right to receive 0.4520 of a Community West common share as merger consideration.
Hammack’s 16,398 shares of common stock were returned to the issuer at $10.51 per share, and her 15,000 stock options with an exercise price of $8.17 and expiration in 2032 were cancelled for any value above $10.29, the 20‑day VWAP ending March 27, 2026. Following these transactions, she reports zero directly held shares and options of UNITED SECURITY BANCSHARES.
Positive
- None.
Negative
- None.
Insider Trade Summary
Disposition: 31,398 shares
Disposition
2 txns
Insider
Hammack Heather
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Stock Options | 15,000 | $0.00 | $0.00 |
| Disposition | Common Stock | 16,398 | $10.51 | $172K |
Holdings After Transaction:
Stock Options — 0 contracts (Direct);
Common Stock — 0 shares (Direct)
Footnotes (2)
- 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 (the "Effective Time"), 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"); each outstanding unvested Company restricted stock award automatically vested in full and became entitled to the Merger Consideration.
- F2. Pursuant to the Merger Agreement, at the effective time of the merger, each of the reporting person's stock options were converted into the right to receive the amount, if any, by which the option's price exceeded $10.29 (20 day VWAP ending 3/27/2026).
Key Figures
Common shares disposed: 16,398 shares
Stock options disposed: 15,000 options
Merger exchange ratio: 0.4520 shares
+4 more
7 metrics
Common shares disposed
16,398 shares
Disposition to issuer at $10.51 per share on April 1, 2026
Stock options disposed
15,000 options
Options on common stock at $8.17 exercise price, expiring January 25, 2032
Merger exchange ratio
0.4520 shares
Community West common stock per United Security common share
VWAP reference price
$10.29 per share
20‑day VWAP ending March 27, 2026 for option cash-out
Common stock disposition price
$10.51 per share
Price per share for 16,398 common shares returned to issuer
Merger effective time
12:01 a.m. April 1, 2026
Effective Time of merger into Community West Bancshares
Post-transaction holdings
0 shares, 0 options
Total directly held UNITED SECURITY BANCSHARES equity after transactions
Key Terms
Agreement and Plan of Merger, Merger Consideration, 20 day VWAP, restricted stock award, +1 more
5 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.
20 day VWAP financial
"the option's price exceeded $10.29 (20 day VWAP ending 3/27/2026)"
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.
Disposition to issuer financial
"transaction_code_description": "Disposition to issuer""
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