United Security Bancshares Cancels 10b5-1 Plan
18 May 2007 - 8:16AM
PR Newswire (US)
FRESNO, Calif., May 17 /PRNewswire-FirstCall/ -- United Security
Bancshares (NASDAQ:UBFO) Board of Directors today announced it
accepted a request by its Company Chairman and CEO, Dennis R. Woods
and his spouse, to cancel their pre-arranged stock trading plan,
adopted in accordance with the guidelines specified under Rule
10b5-1 of the Securities and Exchange Act of 1934. Their
pre-arranged stock trading plan was previously announced on July
28, 2006 to disclose their intent to sell Company stock over a
16-month period for estate planning purposes. Under the plan, they
were to sell 5,000 shares monthly for 16 months or 80,000 shares of
Company stock between July 2006 and November 2007, amounting to
9.22% of his then holdings. Mr. and Mrs. Woods requested and were
granted Board acceptance to cancel their plan, effective
immediately, as they are no longer willing to sell Company shares
at current levels. When the plan was originally announced, share
prices were significantly higher. While the plan was in effect, Mr.
Woods sold a total of 50,000 shares or about 6% of their holdings
over a 10 month period. Mr. Woods' current beneficial ownership
including exercisable options is 802,749 shares. 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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