United Security Bancshares, Inc. (NASDAQ: USBI) today announced that R. Terry Phillips has resigned as President and Chief Executive Officer of the Company and the Company’s wholly-owned subsidiary, First United Security Bank, and as a member of the Board of Directors of the Company and the Bank, effective June 30, 2011.
Commenting on Mr. Phillips’ resignation, Hardie B. Kimbrough, Chairman of the Board, said, “We appreciate Terry Phillips’ 12 years of service to United Security Bancshares and First United Security Bank as President, CEO and director. We experienced significant growth during his tenure and want to wish him the best in the next phase of his life.”
The Board expects to fill the vacancy created by Mr. Phillips’ resignation in accordance with the Company’s existing management succession policy. Based on the policy, the Board will designate a member of its Executive Management Committee to serve as Committee Chairman. The Executive Management Committee includes the Company’s Chief Financial Officer, Chief Credit Officer, Senior Loan Officers, Chief Investment Officer and Executive Vice President, Branch Administration. In addition, Mr. Phillips has been retained in a consultative role to assist the Board and Executive Management Committee during this transition period.
Kimbrough continued, “We plan for a committee of the Board to undertake a comprehensive search for a successor to Mr. Phillips. We expect to consider both internal and external candidates who may bring appropriate skills and experience to the Company. We remain very positive about the future of United Security Bancshares and First United Security Bank under the leadership of our Executive Management Committee during the search process and do not expect any interruption in services to our customers and the communities we serve.”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 “USBI.”