United Security Bancshares, Inc. (Nasdaq: USBI) (“USBI”), a Delaware corporation based in Thomasville, Alabama, announced today that its Board of Directors has extended USBI’s existing share repurchase program pursuant to which USBI may repurchase up to 642,785 shares of its common stock. The repurchase program, which was originally approved by the USBI Board of Directors on January 19, 2006, has been extended to expire on December 31, 2013. To date, USBI has repurchased approximately 400,482 shares of common stock under the share repurchase program. Share repurchases under the repurchase program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate in accordance with regulatory requirements. The repurchase program does not obligate USBI to acquire any particular number of shares and may be suspended at any time at USBI’s discretion.
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.”
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. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. USBI undertakes no obligation to update these statements following the date of this press release, except as required by law. In addition, USBI, through its senior management, may make from time to time forward-looking public statements concerning the matters described herein. 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, including but are not limited to, (1) unanticipated deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provision for those losses; (2) deterioration in the residential real estate market; (3) decline in the economy in the markets that the Company serves; (4) changes in the legislative and regulatory environment; (5) the Company’s inability to successfully implement its growth strategy; and (6) the loss of key personnel.
Certain 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 forward-looking statements.