United Security (NASDAQ: UBFO) director exits holdings as Community West merger takes effect

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.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Westerlund Dora

Role Director

Type	Security	Shares	Price	Value
Disposition	Stock Options	15,000	$0.00	--
Disposition	Common Stock	18,770	$10.51	$197K

Holdings After Transaction: Stock Options — 0 shares (Direct); 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 (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. 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.

dissenting shares regulatory

"each share of Company common stock, other than excluded shares and dissenting shares, was converted into the right to receive 0.4520"

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

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^*

Westerlund Dora

(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)

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		18,770	D	$10.51(1)	0	D

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
Stock Options	$8.17	04/01/2026		D			15,000	01/25/2023	01/25/2032	Common Stock	15,000	(2)	0	D

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 (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.

2. 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).

Remarks:

	/s/ Dora Westerlund	04/01/2026
	** 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 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.

How is the UBFO and Community West Bancshares merger reflected in this Form 4?

The Form 4 shows Westerlund’s securities were disposed of under the merger agreement between UNITED SECURITY BANCSHARES and Community West Bancshares. At the effective time, each United Security share converted into the right to receive 0.4520 Community West common shares as merger consideration.

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.

What merger consideration did UBFO common shareholders receive?

Under the merger agreement, each UNITED SECURITY BANCSHARES common share, excluding certain categories like dissenting shares, was converted into the right to receive 0.4520 of a share of Community West Bancshares common stock. This exchange ratio defined the stock-based merger consideration for shareholders.

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.