FRESNO, Calif., Sept. 29, 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 3rd quarter 2016 stock dividend of one percent (1%) on September 27, 2016. The stock dividend will be paid to shareholders of record on October 10, 2016 and the dividend shares will be issued on October 21, 2016.
This marks the 32nd 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