Tkacz Brian 4/A
4/A · UNITED SECURITY BANCSHARES · Filed Apr 13, 2026
Research Summary
AI-generated summary of this filing
United Security Bancshares (UBFO) Director Brian Tkacz Disposes Shares in Merger
What Happened
Brian Tkacz, a director of United Security Bancshares (UBFO), reported dispositions of UBFO equity on April 1, 2026 tied to the company’s merger into Community West Bancshares. The filing shows: 16,871 shares were disposed to the issuer at $0.00 (reported value $0) and an additional 15,000 derivative shares were disposed/converted (price reported as N/A). These were not open-market sales but part of the Merger Agreement that converted UBFO shares and awards into merger consideration.
Key Details
- Transaction date: 2026-04-01 (merger effective at 12:01 a.m. on Apr 1, 2026).
- Reported dispositions: 16,871 shares at $0.00 (cash value $0); 15,000 derivative shares reported as N/A.
- Merger terms (footnote): each UBFO share (except excluded/dissenting shares) converted into 0.4520 share of Community West common stock; unvested restricted awards vested and were entitled to the same consideration.
- Options (footnote): reporting person’s stock options were converted into the right to receive any cash amount equal to the option’s price excess over $10.29 (20‑day VWAP ending 3/27/2026).
- Shares owned after transaction: not specified in the amended Form 4; the filer notes they are no longer subject to Section 16 reporting with respect to UBFO.
- Filing status: this is an amendment (filed Apr 13, 2026) to the Form 4 originally filed Apr 3, 2026 to correct price and clarify footnotes.
Context
These entries reflect merger-related dispositions (conversion/settlement) rather than voluntary market sales, so they should not be read as a classic insider sell signal. The amendment clarifies reporting status and transaction pricing; derivative/options treatment followed the Merger Agreement’s cash/conversion formula.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1]2026-04-01−16,871→ 0 total - Disposition to Issuer
Stock Options
[F2]2026-04-01−15,000→ 0 totalExercise: $11.05From: 2018-12-19Exp: 2027-12-19→ 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).