United Security Bancshares, Inc. Announces Grant of Shares to New CFO
THOMASVILLE, Ala. -- January 31, 2014
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.”
United Security Bancshares, Inc.
Beverly Dozier, 334-636-5424
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