QUIGLEY SUSAN 4/A
4/A · UNITED SECURITY BANCSHARES · Filed Apr 13, 2026
Research Summary
AI-generated summary of this filing
United Security (UBFO) Director Susan Quigley Disposes Shares in Merger
What Happened Susan Quigley, a director of United Security Bancshares (UBFO), had a total of 39,887 UBFO shares disposed to the issuer on April 1, 2026 as part of the Company’s merger into Community West. The Form 4 shows 24,887 shares reported as disposed @ $0.00 (reported value $0) and 15,000 shares reported as a derivative disposition (price N/A). These dispositions were not open‑market sales — they were transfers/conversions under the Merger Agreement rather than voluntary cash sales.
Key Details
- Transaction date: April 1, 2026 (merger effective at 12:01 a.m. ET).
- Reported dispositions: 24,887 shares (listed at $0.00) + 15,000 derivative shares = 39,887 total UBFO shares.
- Price/consideration: UBFO shares were converted into Community West shares at the merger consideration of 0.4520 Community West share per UBFO share (per Merger Agreement); the Form 4 reports $0 for one line and N/A for the derivative line.
- Post-transaction holdings: The reporting person is no longer subject to Section 16 reporting for UBFO after the merger (i.e., no remaining UBFO public reporting obligation).
- Options/derivatives: Per footnote, reporting person’s UBFO stock options were converted at the effective time into the right to receive the amount, if any, by which an option’s price exceeded $10.29 (20‑day VWAP ending 3/27/2026).
- Filing status: This is an amended Form 4 filed April 13, 2026 to correct the disposition price, clarify footnote wording, and note the reporting person is no longer a Section 16 filer for UBFO.
Context Dispositions to the issuer under a merger reflect the contract terms of the merger (conversion into the surviving company’s stock or cash consideration) and are different from market sales; they do not necessarily signal the insider’s view of the surviving company. The amendment corrects reporting details and clarifies the post‑merger reporting status.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1]2026-04-01−24,887→ 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, 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.
- [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).