FRESNO, Calif., June 30, 2011 /PRNewswire/ -- 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 2011 stock dividend of one percent (1%) on June 28, 2011. The stock dividend will be paid to shareholders of record on July 15, 2011 and the dividend shares will be issued on July 27, 2011.
This marks the 11th consecutive quarterly 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.
SOURCE United Security Bancshares