FRESNO, Calif., Sept. 25, 2013 /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 2013 stock dividend of one percent (1%) on September 23, 2013. The stock dividend will be paid to shareholders of record on October 11, 2013 and the dividend shares will be issued on October 23, 2013.
This marks the 20th consecutive quarterly stock dividend since initiated in 2008. Capital preservation remains a significant focus of the Bank's Directors in consideration of the Basel III capital standards likely to be adopted. Stock dividends preserve capital compared with cash dividends which reduce capital.
SOURCE United Security Bancshares