FRESNO, Calif., Dec. 19, 2013 /PRNewswire/ -- Dennis R. Woods, President and Chief Executive Officer of United Security Bancshares (http://www.unitedsecuritybank.com/) (Nasdaq: UBFO), reported that the Board of Directors of United Security Bancshares declared a 4th quarter 2013 stock dividend of one percent (1%) on December 17, 2013. The stock dividend will be paid to shareholders of record on January 10, 2014 and the dividend shares will be issued on January 22, 2014.
This marks the 21st consecutive quarterly stock dividend since initiated in 2008. Capital preservation remains a significant focus of the Bank's Directors in consideration of the Basel III capital standards likely to be adopted. Stock dividends preserve capital compared with cash dividends which reduce capital.
SOURCE United Security Bancshares