Saunders Porsche A 4

What Happened Saunders Porsche A, Senior Vice President of United Security Bancshares (UBFO), had merger-related dispositions of Company shares. On April 1, 2026 she disposed of 48,608.806 shares at $10.51 each ($510,879) and 8,010.138 shares at $10.51 each ($84,187), totaling $595,066 in proceeds. Separately, on March 24, 2026 she surrendered 13,389 shares (reported as a tax/withholding disposition, code F) with $0 cash proceeds. These transactions were dispositions to the issuer pursuant to the merger — not open‑market sales.

Key Details

• Transaction dates and amounts:
  • 2026-03-24: 13,389 shares surrendered for tax withholding (code F), $0 received.
  • 2026-04-01: 48,608.806 shares disposed to issuer at $10.51 = $510,879 (code D).
  • 2026-04-01: 8,010.138 shares disposed to issuer at $10.51 = $84,187 (code D).
• Total cash proceeds reported: $595,066; total shares surrendered/converted: 70,007.944 (13,389 withheld + ~56,619 converted).
• Shares owned after the transactions: not specified in this Form 4.
• Footnote: All dispositions were made pursuant to the Agreement and Plan of Merger dated December 16, 2025; the merger became effective April 1, 2026. Each Company share (other than excluded/dissenting shares) was converted into the right to receive 0.4520 of a Community West Bancshares common share; unvested restricted awards vested and became entitled to the merger consideration.
• Timeliness: The March 24 (tax withholding) transaction was reported in a Form 4 filed April 3, 2026, which appears late relative to the two‑business‑day reporting rule; the April 1 dispositions were reported within two business days.

Context

• Code F indicates shares were surrendered to cover tax liabilities (a routine withholding), not an active market sale. Code D indicates disposition to the issuer under the merger (conversion/tender), i.e., the insider received merger consideration rather than making open‑market sales. These types of merger-related dispositions typically reflect corporate transaction mechanics rather than a directional statement about the insider’s view of the stock.