QUIGLEY SUSAN 4
4 · UNITED SECURITY BANCSHARES · Filed Apr 3, 2026
Research Summary
AI-generated summary of this filing
United Security (UBFO) Director Susan Quigley Sells Shares in Merger
What Happened
Susan Quigley, a director of United Security Bancshares (UBFO), disposed of company equity on April 1, 2026 as part of the merger with Community West Bancshares. She surrendered 24,887 common shares for cash consideration of $10.51 per share (total $261,562) and 15,000 derivative shares/options (value listed as N/A in the filing) pursuant to the Merger Agreement rather than an open-market sale.
Key Details
- Transaction date: April 1, 2026; Form 4 filed April 3, 2026 (appears timely under the 2‑business‑day rule).
- Dispositions: 24,887 common shares at $10.51 each (total $261,562); 15,000 derivative shares/options reported as disposed with no per‑share price in the filing.
- Shares owned after transaction: not specified in the provided filing details.
- Footnote summaries:
- F1: Ordinary shares were converted under the Merger Agreement into the right to receive 0.4520 share of Community West for each Company share (merger effective 4/1/2026). Unvested restricted stock vested and became entitled to the same treatment.
- F2: Reporting person’s stock options were converted into the right to receive, if any, the amount by which an option’s price exceeded $10.29 (20‑day VWAP ending 3/27/2026) under the Merger Agreement (i.e., option cash‑out/conversion mechanics).
- Transaction type codes on the Form: Disposition to issuer (D); one entry relates to derivative/option conversion.
Context
These disposals were merger-related (company-level corporate action), not voluntary open‑market sales by the director. Derivative/option items reflect conversion or cash-out mechanics under the merger terms rather than a standard exercise-and-sell transaction. Merger-related filings generally reflect deal consideration mechanics more than insider sentiment about the stock.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1]2026-04-01$10.51/sh−24,887$261,562→ 0 total - Disposition to Issuer
Stock Options
[F2]2026-04-01−15,000→ 0 totalExercise: $9.25From: 2018-05-23Exp: 2027-05-23→ Common Stock (15,000 underlying)
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]Pursuant to the Merger Agreement, at the effective time of the merger, each of the reporting person's stock options were converted into the right to receive the amount, if any, by which the option's price exceeded $10.29 (20 day VWAP ending 3/27/2026).