United Security Bancshares, Inc. (NASDAQ: USBI) today announced that Thomas S. Elley, the Vice President, Chief Financial Officer, Principal Accounting Officer, Treasurer, and Assistant Secretary of United Security Bancshares, Inc. and Executive Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary of United Security Bancshares, Inc.’s subsidiary bank, First United Security Bank, has received a one-time grant of 1,500 fully-vested shares of USBI common stock. As previously reported, the Board of Directors of USBI and FUSB voted on September 23, 2013 to appoint Thomas S. Elley to serve in the positions listed above, and Mr. Elley commenced employment with USBI and FUSB on October 15, 2013. Among the terms and conditions of Mr. Elley’s employment with USBI and FUSB was an agreement that, as an inducement material to Mr. Elley entering into employment with USBI and FUSB, Mr. Elley would receive a one-time grant of 1,500 fully-vested shares of USBI common stock after January 1, 2014, but not later than February 1, 2014. The inducement grant was made to Mr. Elley in satisfaction of this agreed-upon employment term and in accordance with NASDAQ Marketplace Rule 5635(c)(4).
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 which was established in 1952. 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.”