FRESNO, Calif., June 30, 2016 /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 2nd quarter 2016 stock dividend of one percent (1%) on June 28, 2016. The stock dividend will be paid to shareholders of record on July 8, 2016 and the dividend shares will be issued on July 18, 2016.
This marks the 31th 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 adopted. Stock dividends preserve capital, where as cash dividends reduce capital.
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SOURCE United Security Bancshares