United Security SVP exits stake in merger payout
United Security Bancshares SVP Porsche A. Saunders reported disposing of all common stock holdings in connection with the company’s merger into Community West Bancshares.
Rhea-AI Filing Summary
United Security Bancshares SVP Porsche A. Saunders reported disposing of all common stock holdings in connection with the company’s merger into Community West Bancshares. On April 1, 2026, 48,608.806 directly held shares and 8,010.138 indirectly held shares were surrendered to the issuer as part of the merger consideration process.
The footnote explains that, at the merger’s effective time, each United Security share (other than excluded and dissenting shares) was converted into the right to receive 0.4520 share of Community West common stock. Earlier, on March 24, 2026, 13,389 shares were disposed of as a tax-withholding transaction tied to equity compensation, a routine non‑market event.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
Saunders Porsche A
Role
Insider
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock | 48,608.806 | $10.51 | $511K |
| Disposition | Common Stock | 8,010.138 | $10.51 | $84K |
| 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 (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.
Key Figures
Direct shares disposed: 48,608.806 shares
Indirect shares disposed: 8,010.138 shares
Tax-withholding shares: 13,389 shares
+3 more
6 metrics
Direct shares disposed
48,608.806 shares
Issuer disposition on April 1, 2026
Indirect shares disposed
8,010.138 shares
Issuer disposition from Custodial Account 2 on April 1, 2026
Tax-withholding shares
13,389 shares
Tax-withholding disposition on March 24, 2026
Reported share value
$10.5100 per share
Price associated with April 1, 2026 dispositions
Merger exchange ratio
0.4520 share
Community West common stock per United Security share
Merger effective time
12:01 a.m.
Effective Time on April 1, 2026
Key Terms
Agreement and Plan of Merger, Merger Agreement, Merger Consideration, 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 Agreement regulatory
"the Agreement and Plan of Merger, dated as of December 16, 2025 (the "Merger Agreement")"
A merger agreement is a binding contract that lays out the exact terms for two companies to combine, including the price, what each side will deliver, and the conditions that must be met before the deal is completed. Investors care because it sets the timetable, payouts and risks — like a blueprint or prenup that shows whether the deal is likely to close, how ownership will change, and what could cancel or alter the payout they expect.
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.
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.
tax-withholding disposition financial
"Payment of exercise price or tax liability by delivering securities"
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider activity did UBFO’s SVP Porsche A. Saunders report?
Porsche A. Saunders reported disposing of all United Security Bancshares common stock holdings. The filing shows issuer-related dispositions tied to a completed merger and a separate tax-withholding transaction related to equity compensation, rather than open-market buying or selling activity.
When did the United Security and Community West merger become effective?
The merger between United Security Bancshares and Community West Bancshares became effective at 12:01 a.m. on April 1, 2026. At that effective time, United Security merged into Community West, which remained as the surviving entity following completion of the transaction.
What does the tax-withholding transaction in the UBFO Form 4 represent?
The tax-withholding entry reflects 13,389 shares disposed at a reported price of $0.00 per share. This disposition covered tax obligations related to equity compensation and did not represent an open-market sale, but rather a routine, non-cash settlement mechanism with the issuer.
How did the merger affect unvested restricted stock awards at UBFO?
The footnote states that each outstanding unvested United Security restricted stock award vested fully at the merger’s effective time. Once vested, these awards became entitled to the same 0.4520-per-share merger consideration in Community West common stock as other eligible United Security shares.
AI-generated analysis. How Rhea-AI works. Not financial advice.
