- Current report filing (8-K)
February 22 2010 - 4:18PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
February
6, 2010
Date of
Report (Date of earliest event reported)
UNITED
SECURITY BANCSHARES
(Exact
Name of Registrant as Specified in its Charter
000-32987
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91-2112732
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(Commission
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(IRS
Employer
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File
Number)
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Identification
No.)
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2126
Inyo Street, Fresno, CA
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93721
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(Address
of Principal Executive Office)
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(Zip
Code)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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|
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o
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Soliciting
material pursuant to Rule 14a12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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ITEM
5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On
February 6, 2010, the Company’s Executive Committee (consisting of outside
members of the Board of Directors) approved the following amendments to the
compensation plan for Company’s senior officers:
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-
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The
Chief Executive Officer’s base salary was increased from $360,000 per year
to $480,000 per year.
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-
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The
base salary for the newly created position of Executive Vice President and
Chief Administrative Officer was set at $190,000 per
year.
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-
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The
base salaries of the Chief Financial Officer, Chief Operating Officer, and
Chief Credit Officer were raised from $142,000 per year to $150,000 per
year.
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-
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The
Chief Banking Officer’s base salary was increased from $118,000 per year
to $125,000 per year.
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The
Executive Committee approved the salary increases in recognition of the fact
that the Company had not increased salaries in more than three years and that
the increases were necessary in light of competitive pressures.
Concurrent
with the above salary changes, and to reduce risk, the Board discontinued the
annual incentive program for senior management which included bonuses of up to
4% of net income for the Chief Executive Officer and of up to 1% of net income
for other senior officers. Future incentive bonuses for senior
management, if any, will be granted at the discretion of the Company’s Board of
Directors rather than pursuant to pre-determined formulae.
These
changes were made by the Company’s Executive Committee in conjunction with the
approval of the promotions of the Senior Vice President and Chief Financial
Officer to the position of Executive Vice President and Chief Administrative
Officer; and of the Vice President and Controller to the position of Senior Vice
President and Chief Financial Officer. The newly appointed Chief Financial
Officer was also granted an incentive stock option to purchase 25,000 shares of
the Company’s common stock vesting at 20% per year over five years and expiring
in ten years. Details of the promotions were disclosed in the Company’s 8-K
filed with the Commission on February 10, 2010.
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
None
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this Report to be signed on its behalf by the undersigned hereunto
duly authorized.
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United
Security Bancshares
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Date:
February 22, 2010
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By:
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/s/
Richard B. Shupe
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Senior
Vice President &
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Chief
Financial Officer
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