United Security Bancshares Announces 10b5-1 Plan
July 28 2006 - 10:54AM
PR Newswire (US)
FRESNO, Calif., July 28 /PRNewswire-FirstCall/ -- United Security
Bancshares (NASDAQ:UBFO) today announced that its Company Chairman
and CEO, Dennis R. Woods, has adopted a pre-arranged stock trading
plan to sell a portion of his company stock over a 16-month period
for estate planning purposes. The stock trading plan was adopted in
accordance with the guidelines specified under Rule 10b5-1 of the
Securities and Exchange Act of 1934. Under the plan, Mr. Woods may
sell up to 80,000 shares of company stock between July 2006 and
November 2007, amounting to 9.22% of the combined 818,000 shares
and 50,000 stock options he currently holds. The plan calls for
monthly sales of 5,000 shares. Rule 10b5-1 permits the adoption of
written, pre-arranged trading plans by insiders at times when they
do not have material, non-public information. 10b5-1 plans minimize
the market effects of stock sales by spreading sales out over an
extended period of time rather than selling larger blocks of stock
during the limited trading windows following the release of
financial information. In addition, the rule avoids concerns about
initiating stock transactions while an insider may be aware of
material non-public information. Once a plan is established, the
insider retains no discretion over sales under the plan, and the
pre-planned trades can be executed through a broker at later dates
without regard to any subsequent material non-public information
that the insider may receive. All of Mr. Woods trades will be
publicly reported on Forms 144 and Forms 4 filed with the
Securities and Exchange Commission. 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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