United Security Bancshares, Inc. (NASDAQ: USBI) today announced that J. Daniel (Dan) Matheson, III was named Committee Chairman of the Company’s Executive Management Committee by the Board of Directors. This committee has been designated by the Board of Directors to manage the Bank due to the resignation of Mr. R. Terry Phillips as President and CEO effective June 30, 2011.
“United Security’s Board of Directors has designated Dan Matheson as Chairman and lead member of the Company’s Executive Management Committee,” stated Hardie B. Kimbrough, Chairman of the Board of United Security Bancshares, Inc. “Mr. Matheson will continue in this capacity until a successor President and CEO is hired.”
United Security’s existing Management Succession Policy allows the Board of Directors to appoint a Chairman of the Executive Management Committee to serve as Committee Chairman and lead member of the group upon the resignation of the Company’s CEO. The Executive Management Committee includes Robert Steen - Chief Financial Officer, Craig B. Nelson - Chief Credit Officer, Phil Maughan - Senior Loan Officer, Eric Mabowitz - Executive Vice President, Branch Administration and Senior Loan Officer, and Dan Matheson - Chief Investment Officer. In addition, the Board has designated Chris Mitchell, CEO and President of Acceptance Loan Company, Inc., to be included as a member of the Committee.
A Search Committee of the Board of Directors will undertake a comprehensive search to identify and engage a successor President and CEO for United Security Bancshares, Inc. This Committee is expected to consider both internal and external candidates who bring appropriate skills and experience to the Company and First United Security Bank.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.”