Yarbenet William M. 4/A
4/A · UNITED SECURITY BANCSHARES · Filed Apr 13, 2026
Research Summary
AI-generated summary of this filing
United Security (UBFO) SVP William Yarbenet Disposes 75,475 Shares
What Happened
William M. Yarbenet, Senior Vice President & Chief Credit Officer of United Security Bancshares, reported a disposition to the issuer of 75,475.04 shares of UBFO on April 1, 2026. The reported disposition price is $0.00 because the shares were transferred pursuant to the Merger Agreement with Community West Bancshares; each UBFO share converted into the right to receive 0.4520 shares of Community West. The merger became effective at 12:01 a.m. on April 1, 2026 and unvested restricted stock awards automatically vested and became entitled to the same merger consideration.
Key Details
- Transaction date: 2026-04-01; disposition type: merger conversion to issuer.
- Shares disposed: 75,475.04 UBFO shares; reported price: $0.00 (conversion into stock).
- Conversion ratio: each UBFO share → 0.4520 Community West shares (≈34,114.72 Community West shares).
- Filing: Amended Form 4 filed 2026-04-13 to correct the disposition price, clarify footnote language, and state the reporting person is no longer subject to Section 16 reporting for UBFO; original Form 4 was filed April 3, 2026.
- Shares owned after transaction: not reported in this filing; reporting person indicated they are no longer subject to Section 16 reporting for UBFO.
Context
This was a merger-related disposition (conversion of stock under the Merger Agreement), not an open-market sale. The $0.00 price reflects share conversion into Community West stock rather than cash proceeds; such transactions are routine in M&A and do not, by themselves, indicate the insider's market view.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1]2026-04-01−75,475.04→ 0 total
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, 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"); (ii) each outstanding unvested Company restricted stock award automatically vested in full and became entitled to the Merger Consideration.