United Security Bancshares, Inc. Announces Arrival Of New President And CEO
11/07/11 - 06:06 PM EST
United Security Bancshares, Inc. (NASDAQ: USBI) today announced that
James F. House has joined United Security and its subsidiary bank, First
United Security Bank, as President and Chief Executive Officer and as a
member of their respective Boards of Directors.
Commenting on Mr. House’s arrival, Hardie B. Kimbrough, Chairperson of
the Board of United Security Bancshares, Inc. and First United Security
Bank, said, “We are very pleased to welcome Mr. House to United Security
Bancshares and First United Security Bank and look forward to his
leadership of our organization.”
Mr. House has entered into an employment agreement, effective November
7, 2011, with United Security and First United Security Bank. In
connection with the commencement of Mr. House’s employment and as an
inducement to join the organization, he has received a one-time grant of
5,000 fully-vested shares of United Security’s common stock. Further,
pursuant to the terms of Mr. House’s employment agreement, he is
eligible to receive up to an additional 5,000 shares of United
Security’s common stock subject to certain conditions, including the
attainment of criteria to be established by the Board of Directors of
United Security in consultation with Mr. House.
About United Security Bancshares, Inc.
United Security Bancshares, Inc. is a bank holding company that operates
nineteen banking offices in Alabama through First United Security Bank.
In addition, the Company’s operations include Acceptance Loan Company,
Inc., a consumer loan company, and FUSB Reinsurance, Inc., an
underwriter of credit life and credit accident and health insurance
policies sold to the bank’s and ALC’s consumer loan customers. The
Company’s stock is traded on the Nasdaq Capital Market under the symbol
This press release contains forward-looking statements, as defined by
federal securities laws. Statements contained in this press release that
are not historical facts are forward-looking statements.
statements may address issues that involve significant risks,
uncertainties, estimates and assumptions made by management.
undertakes no obligation to update these statements following the date
of this press release, except as required by law.
USBI, through its senior management, may make from time to time
forward-looking public statements concerning the matters described
Such forward-looking statements are necessarily estimates
reflecting the best judgment of USBI’s senior management based upon
current information and involve a number of risks and uncertainties.
factors that could affect the accuracy of such forward-looking
statements are identified in the public filings made by USBI with the
Securities and Exchange Commission, and forward-looking statements
contained in this press release or in other public statements of USBI or
its senior management should be considered in light of those factors.
With respect to the adequacy of the allowance for loan losses for
USBI, these factors include, but are not limited to, the rate of growth
(or lack thereof) in the economy, the relative strength and weakness in
the consumer and commercial credit sectors and in the real estate
markets and collateral values.
There can be no assurance that
such factors or other factors will not affect the accuracy of such