FRESNO, Calif., June 28 /PRNewswire-FirstCall/ -- Dennis R. Woods, President and Chief Executive Officer of United Security Bancshares http://www.unitedsecuritybank.com/ (Nasdaq: UBFO) reported that the Board of Directors of United Security Bancshares declared a 3rd quarter 2010 stock dividend of one percent (1%) on June 22, 2010. The stock dividend will be paid to shareholders of record on July 9, 2010 and the dividend shares will be issued on July 21, 2010.
This marks the 8th consecutive stock dividend since initiated in 2008. The stock dividend is employed to preserve and build capital because of marketplace uncertainty in the 1-4 family residential real estate market and its impact on the Company's construction and related land and lot loan portfolio. Those conditions continue but are improving in some sectors as the economic conditions improve.
SOURCE United Security Bancshares