US Market News
4月前
Community West Bancshares Receives Regulatory Approvals to Merge With United Security BancsharesMarch 16, 2026 5:21 PM
Business Wire
Community West Bancshares (NASDAQ: CWBC), the parent company of Community West Bank, and United Security Bancshares (NASDAQ: UBFO), the parent company of United Security Bank, announced today that the required regulatory approvals from the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation, as well as a waiver from the Federal Reserve Bank of San Francisco, have been received pursuant to the proposed merger in which United Security Bancshares will merge with and into Community West Bancshares as the surviving company, and United Security Bank will merge with and into Community West Bank.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260316784707/en/
The closing of the transaction is expected to be completed in the second quarter of 2026, subject to approval by the shareholders of both companies at special meetings scheduled for March 30, 2026, and the satisfaction of certain other customary closing conditions contained in the merger agreement.
The conversion of all operational systems is expected to be completed in the third quarter of 2026.
Upon merger completion, the combined company will have approximately $5 billion in total assets, and will operate Banking Centers in 13 Central California counties representing 31 unique communities.
“Receiving regulatory approval moves us one step closer to bringing our two organizations together,” stated James J. Kim, CEO of Community West Bancshares and CEO and President of Community West Bank. “We are proud of our 46-year history and pleased to welcome United Security Bank’s team as we expand our ability to serve Central California. By uniting our organizations, we are strengthening our regional community bank with greater capacity to support employees and deliver long-term value to our clients, communities, and shareholders.”
“This milestone reflects the shared values, relationship-based banking, and community commitment that have guided both of our organizations for decades,” stated Dennis R. Woods, Chairman of the Board, President, and CEO of United Security Bancshares and United Security Bank. “We believe combining our two organizations creates a strong foundation for Community West Bank’s long-term strength into the future.”
About Community West Bank and Bancshares
Community West Bancshares (NASDAQ: CWBC) and its wholly owned subsidiary, Community West Bank, are headquartered in Fresno, California. The Company was established in 1979 with the vision to help businesses and communities by exceeding expectations at every opportunity, and opened its first Banking Center on January 10, 1980. Today, Community West Bank operates full-service Banking Centers throughout Central California and maintains a variety of departments supporting Commercial Lending, Agribusiness, SBA, Residential Construction and Mortgage, Manufactured Housing, Private Banking, and Treasury Management Services.
More information about Community West Bancshares and Community West Bank can be found at www.communitywestbank.com.
About United Security Bank and Bancshares
United Security Bancshares (NASDAQ: UBFO) is the holding company for United Security Bank, which was founded in 1987 and is headquartered in Fresno, California. United Security Bank provides a full range of commercial and personal banking services through a network of 13 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Fowler, Mendota, Oakhurst, San Joaquin, and Taft. Additionally, United Security Bank operates Commercial Real Estate, Construction, Commercial Lending, and Consumer Lending departments. United Security Bank is dedicated to delivering exceptional service and fostering economic growth in the communities it serves. For more information, please visit www.unitedsecuritybank.com.
ATTACHMENTS:
Community West Bancshares and Bank logos, and United Security Bancshares and Bank logos
Forward-Looking Statements – This press release contains certain forward-looking information about Community West Bancshares, United Security Bancshares, and the combined company after the close of the merger and is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Such statements involve inherent risks, uncertainties, and contingencies, many of which are difficult to predict and are generally beyond the control of Community West Bancshares, United Security Bancshares and the combined company. Community West Bancshares and United Security Bancshares caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. In addition to factors previously disclosed in reports filed by Community West Bancshares and United Security Bancshares with the SEC, risks and uncertainties for each institution and the combined institution include, but are not limited to the ability to complete the merger; approval by the shareholders of Community West Bancshares or United Security Bancshares may not be obtained; the successful integration of United Security Bancshares, or achieving expected beneficial synergies and/or operating efficiencies, in each case might not be obtained within expected time-frames or at all; the possibility that personnel changes/retention will not proceed as planned; and other risk factors described in documents filed by Community West Bancshares and United Security Bancshares with the SEC. All forward-looking statements included in this press release are based on information available at the time of the communication. Pro forma, projected and estimated numbers are used for illustrative purposes only and are not forecasts, and actual results may differ materially. Community West Bancshares and United Security Bancshares are under no obligation to (and expressly disclaim any such obligation to) update or alter any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
Additional Information and Where to Find It – Community West Bancshares has filed a registration statement on Form S-4 with the SEC in connection with the proposed transaction. The registration statement includes a joint proxy statement of Community West Bancshares and United Security Bancshares that also constitutes a prospectus of Community West Bancshares, which has been sent to the shareholders of Community West Bancshares and United Security Bancshares. Before making any voting decision, the shareholders of Community West Bancshares and United Security Bancshares are advised to read the joint proxy statement/prospectus because it contains important information about Community West Bancshares, United Security Bancshares and the proposed transaction. This document and other documents relating to the merger filed by Community West Bancshares can be obtained free of charge from the SEC’s website at www.sec.gov. These documents also can be obtained free of charge by accessing Community West Bancshares’ website at ir.communitywestbank.com under the tab “Financials” and on United Security Bancshares’ website at investors.unitedsecuritybank.com under the tab “Financials” and “SEC Filings.” Alternatively, these documents can be obtained free of charge from Community West Bancshares upon written request to Community West Bancshares, Attn: Investor Relations, 7100 N. Financial Dr., Suite 101, Fresno, CA 93720, or by calling (916) 235-4617 or from United Security Bancshares upon written request to United Security Bancshares, Attn: Investor Relations, 2126 Inyo St., Fresno, CA 93721, or by calling (559) 490-6261. The contents of the websites referenced above are not deemed to be incorporated by reference into the registration statement or the joint proxy statement/prospectus.
Participants in the Solicitation - This press release does not constitute a solicitation of a proxy, an offer to purchase or a solicitation of an offer to sell any securities. Community West Bancshares, United Security Bancshares, and certain of their directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Community West Bancshares and United Security Bancshares in connection with the proposed merger under SEC rules. Information about the directors and executive officers of Community West Bancshares and United Security Bancshares is included in the joint proxy statement/prospectus for the proposed transaction filed with the SEC. These documents may be obtained free of charge in the manner described above under “Additional Information and Where to Find It.”
Security holders may obtain information regarding the names, affiliations and interests of Community West Bancshares’ directors and executive officers in the definitive proxy statement of CWBC relating to its 2025 Annual Meeting of Shareholders filed with the SEC on April 4, 2025 and in CWBC’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 17, 2025. Security holders may obtain information regarding the names, affiliations and interests of United Security Bancshares’ directors and executive officers in the definitive proxy statement of United Security Bancshares relating to its 2025 Annual Meeting of Shareholders filed with the SEC on April 7, 2025 and in United Security Bancshares’ Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 20, 2025.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260316784707/en/
Investor Contact:
Shannon Livingston
Community West Bancshares
(916) 235-4617
Dave Kinross
United Security Bancshares
(559) 490-6261
Media Contact:
Debbie Nalchajian-Cohen
559-222-1322 or (559) 281-1312 (cell)
Original: Community West Bancshares Receives Regulatory Approvals to Merge With United Security Bancshares
56Chevy
13年前
United Security Bancshares - Fourth Quarter Profits: $1.5 Million
Date : 02/07/2013 @ 5:33PM
Source : PR Newswire (US)
Stock : United Security Bancshares (MM) (UBFO)
Quote : $3.82 0.01 (0.26%) @ 3:20PM (pps as of 3/1/2013)
FRESNO, Calif., Feb. 7, 2013 /PRNewswire/ -- United Security Bancshares (http://www.unitedsecuritybank.com/) (Nasdaq Global Select: UBFO) reported today unaudited consolidated net income of $1.5 million or $0.10 per basic and diluted common share for the quarter ended December 31, 2012 and $6.1 million or $.43 per basic and diluted common share for the year ended December 31, 2012, as compared to a net loss of $3.4 million or ($0.24) per basic and diluted common shares for the quarter ended December 31, 2011 and a net loss of $10.8 million or ($.76) per basic and diluted shares for the year ended December 31, 2011.
Annualized return on average equity (ROAE) for the quarter ended December 31, 2012 was 8.56, compared to (24.52%) for the same period in 2011, and was 9.20% for the year ended December 31, 2012 compared to (15.86)% for the year ended December 31, 2011. Annualized return on average assets (ROAA) was 0.93% for the quarter ended December 31, 2012 compared to (2.09%) for the same three-month period in 2011, and was 0.97% for the year ended December 31, 2012 compared to (1.64%) for the year ended December 31, 2011.
The Board of Directors of United Security Bancshares declared a fourth quarter 2012 stock dividend of one percent (1%) on December 18, 2012. The stock dividend was payable to shareholders of record on January 11, 2013, and the shares will be issued on January 23, 2013.
Dennis R. Woods, President and Chief Executive Officer of the Company, states, "The year was very positive for the Company with reductions in problem assets and OREO, a stronger allowance for loan losses at year-end as a percentage of impaired loans, and consolidated net income of nearly $6.1 million for the year. We continue to see positive trends in the local economy and look forward to continued improvement in the coming year." Shareholders' equity at December 31, 2012 was $69.4 million, up $7.3 million from shareholders' equity of $62.2 million at December 31, 2011.
Net interest income before provision for credit losses for the quarter ended December 31, 2012 totaled $5.4 million and $23.1 million for the year ended December 31, 2012, down $808,000 from $6.2 million reported for the quarter ended December 31, 2011 and down $1.9 million from the $25.0 million reported for the year ended December 31, 2011, respectively. The net interest margin was 4.03% for the quarter ended December 31, 2012, and 4.40% for the year ended December 31, 2012, as compared to 4.41% for the quarter ended December 31, 2011 and 4.49% for the year ended December 31, 2011.
Noninterest income for the quarter ended December 31, 2012 totaled $411,000, reflecting a decrease of $874,000 from the $1.3 million in noninterest income reported for the quarter ended December 31, 2011. Noninterest income for the year ended December 31, 2012 totaled $6.1 million, reflecting a decrease of $771,000 from $6.9 million in noninterest income reported for the year ended December 31, 2011. Customer service fees continue to provide the majority of the Company's noninterest income from operations, totaling $883,000 for the quarter ended December 31, 2012, as compared to $923,000 for the quarter ended December 31, 2011, and $3.6 million for the years ended December 31, 2012 and 2011. Changes in noninterest income on a quarter-to-quarter comparative basis between the fourth quarters of 2012 and 2011 are largely the result of a decrease of $575,000 in gains recognized on the fair value of financial liabilities. On a twelve month comparative basis, the change in noninterest income of $(771,000) includes an increase of $1.8 million on gains realized on the sale of investments and an increase of $509,000 on gains realized on the sale of other real estate owned, offset by a decrease of $2.6 million in gains recognized on the fair value of financial liabilities. The gain on sale of investments of $1.8 million for the year ended December 31, 2012 is included in other non interest income.
Noninterest expense totaled $5.5 million for the quarter ended December 31, 2012, down $2.8 million from the $8.3 million reported for the quarter ended December 31, 2011. For the year ended December 31, 2012, noninterest expense totaled $20.6 million, down $10.2 million from the $30.8 million for the year ended December 31, 2011. Between the fourth quarters of 2012 and 2011, the company experienced significant decreases in impairment losses and other related expenses on other real estate owned, impairment losses on investment securities, and regulatory insurance assessments. On a year-to-year comparative basis, additional decreases in the above listed areas as well as decreases in impairment losses on goodwill, and professional fees contributed to the overall decrease.
Net income of $1.5 million realized during the fourth quarter of 2012 included a tax expense reduction of $1.0 million related to the Company's valuation allowance on deferred tax assets. The adjustment reduced the allowance for deferred tax assets from $3.7 million at December 31, 2011 to $2.7 million at December, and was the result of an increase in the anticipated utilization of deferred taxes in future periods.
The Company had a provision for loan loss reserve of $9,000 for the quarter ended December 31, 2012 and $1.0 million for the year ended December 31, 2012, compared to $1.1 million for the quarter ended December 31, 2011 and $13.6 million for the year ended December 31, 2011. Net loan recoveries totaled $615,000 for the quarter ended December 31, 2012, while net loan charge-offs totaled $2.9 million for the year ended December 31, 2012 as compared to net loan charge-offs of $1.4 million for the quarter ended December 31, 2011, and $16.5 million for the year ended December 31, 2011. With continued weakness in the economy and real estate markets within our service area, we have maintained an adequate allowance for loan losses, which totaled 2.95% of total loans at December 31, 2012 compared to 3.34% at December 31, 2011. In determining the adequacy of the allowance for loan losses, Management's judgment is the primary determining factor for establishing the amount of the provision for loan losses and management considers the allowance for loan and lease losses December 31, 2012 to be adequate.
Non-performing assets, comprised of nonaccrual loans, troubled debt restructures (TDR), other real estate owned through foreclosure (OREO), and loans more than 90 days past days and still accruing interest, decreased approximately $10.8 million between December 31, 2011 and December 31, 2012. Additionally, nonperforming assets as a percentage of total assets decreased from 9.88% at December 31, 2011 to 8.25% at December 31, 2012. Nonaccrual loans decreased $4.7 million between December 31, 2011 and December 31, 2012, while OREO, decreased $3.2 million during the same period. Impaired loans totaled $21.9 million at December 31, 2012, down $10.0 million from the balance of $31.9 million at December 31, 2011.
United Security Bancshares is a $640+ million bank holding company. United Security Bank, its principal subsidiary is a state chartered bank and member of the Federal Reserve Bank of San Francisco.
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