UBFO director disposes shares in merger with Community West
UNITED SECURITY BANCSHARES director Dora Westerlund reported disposing of her holdings in connection with the company’s merger into Community West Bancshares.
Rhea-AI Filing Summary
UNITED SECURITY BANCSHARES director Dora Westerlund reported disposing of her holdings in connection with the company’s merger into Community West Bancshares. She returned 18,770 shares of common stock to the issuer and also disposed of 15,000 stock options. 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. According to the filing, these transactions left her with no remaining United Security common shares or stock options following the merger’s effective time.
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Insider Trade Summary
Disposition: 33,770 shares
Disposition
2 txns
Insider
Westerlund Dora
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Stock Options | 15,000 | $0.00 | $0.00 |
| Disposition | Common Stock | 18,770 | $10.51 | $197K |
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: 18,770 shares
Stock options disposed: 15,000 options
Common stock disposition price: $10.51 per share
+5 more
8 metrics
Common shares disposed
18,770 shares
Disposition to issuer at merger effective time
Stock options disposed
15,000 options
Options on United Security common stock returned to issuer
Common stock disposition price
$10.51 per share
Reported disposition price for 18,770 United Security shares
Option exercise price
$8.17 per share
Exercise price for 15,000 United Security stock options
Merger share exchange ratio
0.4520 shares
Community West common shares per United Security common share
VWAP reference price
$10.29
20-day VWAP ending March 27, 2026 used for options
Effective time of merger
12:01 a.m. April 1, 2026
Time merger between United Security and Community West became effective
Post-transaction United Security holdings
0 shares/options
Total United Security equity reported after dispositions
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
"each share of Company common stock ... 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
"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)"
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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did UBFO director Dora Westerlund report?
Dora Westerlund reported disposing of all her UNITED SECURITY BANCSHARES (UBFO) holdings. She returned 18,770 shares of common stock and 15,000 stock options to the issuer in connection with the merger into Community West Bancshares at the merger’s effective time.
What happened to UBFO stock options held by Dora Westerlund?
Her 15,000 UNITED SECURITY BANCSHARES stock options were disposed of under the merger terms. Each option was converted into a right to receive any value by which its exercise price exceeded $10.29, which was the 20-day volume-weighted average price ending March 27, 2026.
Did UBFO restricted stock awards change at the merger’s effective time?
Yes. At the merger’s effective time, each outstanding unvested UNITED SECURITY BANCSHARES restricted stock award automatically vested in full. Once vested, each such share became entitled to receive the same 0.4520 Community West common share merger consideration as other eligible United Security common shares.
What was the effective time of the UBFO and Community West merger?
The merger between UNITED SECURITY BANCSHARES and Community West Bancshares became effective at 12:01 a.m. on April 1, 2026. From that effective time, United Security shares and certain equity awards were converted into rights to receive Community West common stock under the merger agreement.
AI-generated analysis. How Rhea-AI works. Not financial advice.
