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United Security Bancshares, Inc. Names Thomas S. Elley As New CFO

Stocks in this article: USBI

United Security Bancshares, Inc. (NASDAQ: USBI) (“USBI”) today announced that First United Security Bank (“FUSB”; USBI and FUSB hereinafter collectively referred to as the “Company”) has hired Thomas S. Elley as Executive Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary of FUSB. Mr. Elley will also serve as Vice President, Chief Financial Officer, Principal Accounting Officer, Treasurer, and Assistant Secretary of USBI. Mr. Elley is expected to join the Company on October 15, 2013 and will assume as of that date the duties and responsibilities of Robert D. Steen, the current Executive Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary of FUSB and Vice President, Chief Financial Officer, Principal Accounting Officer, Treasurer, and Assistant Secretary of USBI. Mr. Steen plans to retire on December 31, 2013.

Mr. Elley is a certified public accountant with extensive experience in the financial and banking industries. His most recent position was Vice President, Accounting Policy Manager and Line of Business Controller with Regions Financial Corporation in Birmingham. Prior to joining Regions, he served for more than 10 years as Senior Manager for Deloitte & Touche LLP, where he focused on SEC reporting, regulatory accounting and internal control audits under the Sarbanes-Oxley Act of 2002. He has experience in a number of areas, including accounting, audit, compliance, finance, and risk assessment.

In May of 1993, Mr. Elley obtained a Bachelors of Science Degree in Business Administration from Ambassador University in Big Sandy, Texas, and in December of 2000, he received a Master’s Degree in Business Administration from the University of Alabama at Birmingham. He has actively participated on boards and non-profit organizations throughout his career. He and his wife, Cheryl, reside in Birmingham and have a fifteen-month old daughter, Aleigha.

Commenting on Mr. Elley’s appointment, James F. House, President and Chief Executive Officer of USBI and FUSB, said, “I am pleased to have Tom join our staff as our new Chief Financial Officer. He has a strong background in bank accounting and will be a solid addition to our Company. We look forward to his leadership as we continue to focus on the improvement of asset quality as part of our strategy to increase earnings and move the Bank forward.”

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