NEWBY KENNETH D 4
4 · UNITED SECURITY BANCSHARES · Filed Apr 3, 2026
Research Summary
AI-generated summary of this filing
United Security Bancshares (UBFO) Director Kenneth Newby Sells Shares
What Happened Kenneth D. Newby, a director of United Security Bancshares (UBFO), disposed of two blocks of Company stock on April 1, 2026: 39,953.899 shares for $10.51 each ($419,915) and 14,911.158 shares for $10.51 each ($156,716), totaling 54,865.057 shares and $576,631 in reported proceeds. The dispositions are reported as "Disposition to the issuer (D)" and occurred as part of the merger with Community West Bancshares.
Key Details
- Transaction date: April 1, 2026; reported price: $10.51 per share.
- Quantities/proceeds: 39,953.899 shares ($419,915) and 14,911.158 shares ($156,716); total 54,865.057 shares / $576,631.
- Transaction type: Disposition to issuer (D) pursuant to the Merger Agreement (see below).
- Footnote F1: Disposed pursuant to the Merger Agreement dated Dec 16, 2025 — merger became effective 12:01 a.m. April 1, 2026; each UBFO share (other than excluded/dissenting shares) converted into the right to receive 0.4520 shares of Community West; outstanding unvested restricted awards vested and became entitled to the merger consideration.
- Footnote F2: One block involved shares held in an IRA of which Mr. Newby is the owner (disclosed for completeness).
- Filing/Timeliness: Form 4 filed April 3, 2026 for an April 1 transaction — appears timely (within the SEC’s 2-business-day window).
- Shares owned after transaction: Not specified in the provided filing.
Context These disposals were merger-related (surrender/conversion under the Merger Agreement) rather than open-market sales, so they reflect the corporate transaction mechanics rather than a typical insider sale for liquidity. For retail investors, merger-driven dispositions are routine — they convert prior holdings into the merger consideration (here, Community West stock at a 0.4520 ratio) and do not by themselves indicate the director’s view on the stock.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1]2026-04-01$10.51/sh−39,953.899$419,915→ 0 total - Disposition to Issuer
Common Stock
[F1][F2]2026-04-01$10.51/sh−14,911.158$156,716→ 0 total(indirect: By IRA)
Footnotes (2)
- [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.
- [F2]Shares held in IRA where Mr. Newby is the owner. Provided for disclosure purposes only.