UNITED SECURITY BANCSHARES·4/A

Apr 13, 2:31 PM ET

ELLITHORPE G THOMPSON 4/A

Research Summary

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United Security (UBFO) Director Ellithorpe G. Thompson Sells Shares

What Happened

  • Ellithorpe G. Thompson, a director of United Security Bancshares (UBFO), reported dispositions on 2026-04-01 of a total of 187,431.834 shares of UBFO common stock (89,011.834 and 98,420 shares). The Form 4 reports a $0.00 per-share disposition price because the shares were converted under the Merger Agreement with Community West Bancshares, not sold for cash. Under the merger, each UBFO share (other than excluded/dissenting shares) was converted into the right to receive 0.4520 shares of Community West; outstanding unvested restricted stock awards vested and were similarly converted.
  • This filing is an amendment to the Form 4 originally filed April 3, 2026. The amendment clarifies that the reporting person is no longer subject to Section 16 reporting for UBFO, corrects the reported disposition price, and clarifies footnote details.

Key Details

  • Transaction date: April 1, 2026 (Merger effective at 12:01 a.m. on 4/1/2026). Disposition prices reported as $0.00 due to conversion under the Merger Agreement.
  • Shares disposed: 89,011.834 and 98,420 (total 187,431.834). Conversion ratio: 0.4520 Community West shares per UBFO share.
  • Shares owned after transaction: Reporting person is no longer subject to Section 16 reporting for UBFO (effectively no reportable UBFO holdings post-merger for Section 16 purposes).
  • Footnote: Dispositions were pursuant to the Agreement and Plan of Merger dated December 16, 2025; unvested restricted stock awards vested and converted as part of the merger.
  • Filing status: This is an amended Form 4 (filed 2026-04-13) clarifying prior reporting; the original Form 4 was filed April 3, 2026.

Context

  • These were not open-market sales but corporate-merger conversions—UBFO shares were exchanged for Community West shares under merger terms. No cash sale proceeds are reported on the Form 4.