Cash Dividend Increased by 10.3% at United Security Bancshares
June 23 2004 - 6:31PM
PR Newswire (US)
Cash Dividend Increased by 10.3% at United Security Bancshares 63rd
Consecutive Quarterly Cash Dividend Declared FRESNO, Calif., June
23 /PRNewswire-FirstCall/ -- Dennis R. Woods, President and Chief
Executive Officer of United Security Bancshares (NASDAQ:UBFO),
reported that the Board of Directors on June 22, 2004 declared a
quarterly cash dividend of $0.16 per share, to shareholders of
record on July 9, 2004, payable on July 21, 2004. The dividend of
$0.16 per share is up $0.015 from the July 2003 quarterly dividend
of $0.145, a 10.3% increase. This dividend marks the 63rd
consecutive quarterly cash dividend paid to shareholders since
inception. Woods added, "During the first half of the year, despite
merger and new branch costs, earnings were strong. As we look at
the probability of interest rates beginning to move up next week
and continuing to move up for the remainder of the year, we are
positioned for earnings to increase in a rising rate environment
and without merger and new branch opening costs, expenses will
decline. In short, earnings are expected to be stronger in the
second half of the year." United Security Bancshares is a $560
million bank holding company and United Security Bank, a state
banking corporation, is its primary subsidiary. United Security
Banc shares stock is available through The Seedier Admen Securities
Inc., (contact Troy Norlander at 1-800-288-2811), Hoefer &
Arnett (contact Dave Bonaccorso at 1-800 346 5544, ext. 723) or
Hill Thompson, Magid & Co. (contact Jason Biggerstaff
1-800-631-3083) as well as other firms, and trades under the symbol
"UBFO." This press release may include forward-looking statements
that involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those in the forward-looking statements. Those factors include
fluctuations in interest rates, inflation, government regulations,
the progress of integrating acquisitions and economic conditions
and competition in the geographic and business areas in which the
Company conducts its operations. The Company undertakes no
obligation to revise or update these forward-looking statements.
DATASOURCE: United Security Bancshares CONTACT: Dennis R. Woods,
President and Chief Executive Officer of United Security Bank,
+1-559-248-4928 Web site: http://www.unitedsecuritybank.com/
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