United Security Bancshares, Inc. Announces Extension of Share Repurchase Program
December 29 2015 - 4:30PM
Business Wire
United Security Bancshares, Inc. (Nasdaq: 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 originally approved by
the USBI Board of Directors on January 19, 2006 has been extended
to expire on December 31, 2016. 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 twenty banking offices in Alabama through First US 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.”
Forward-Looking Statements
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. The Company undertakes no obligation to update these
statements following the date of this press release, except as
required by law. In addition, the Company, 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 the Company’s senior management based upon current
information and involve a number of risks and uncertainties.
Certain factors that could affect the accuracy of such
forward-looking statements are identified in the public filings
made by the Company with the Securities and Exchange Commission,
and forward-looking statements contained in this press release or
in other public statements of the Company or its senior management
should be considered in light of those factors. Specifically, with
respect to statements relating to loan demand, growth and earnings
potential, geographic expansion and the adequacy of the allowance
for loan losses for the Company, these factors include, but are not
limited to, the rate of growth (or lack thereof) in the economy
generally and in the Bank’s and ALC’s service areas, the
availability of quality loans in the Bank’s and ALC’s service
areas, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151229005654/en/
United Security Bancshares, Inc.Thomas S. Elley,
334-636-5424
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