THOMASVILLE, Ala., Dec. 17, 2010 /PRNewswire-FirstCall/ -- United Security Bancshares, Inc. (Nasdaq: USBI) ("USBI"), a Delaware corporation based in Thomasville, Alabama, announced today that its Board of Directors has extended the existing share repurchase program in which USBI may repurchase up to 642,785 shares of its common stock. The repurchase program has been extended to expire on December 31, 2011. To date, USBI has repurchased approximately 400,482 shares of common stock under the share repurchase program. Share repurchases under the repurchase program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The repurchase program does not obligate USBI to acquire any particular number of shares and may be suspended at any time at USBI's discretion.
About United Security Bancshares, Inc.
United Security Bancshares, Inc. is a bank holding company that operates nineteen banking offices in Alabama through First United Security Bank. In addition, the Company's operations include Acceptance Loan Company, Inc., a consumer loan company, and FUSB Reinsurance, Inc., an underwriter of credit life and credit accident and health insurance policies sold to the bank's and ALC's consumer loan customers. The Company's stock is traded on the Nasdaq Capital Market under the symbol "USBI."
This press release contains forward-looking statements, as defined by federal securities laws. Statements contained in this press release that are not historical facts are forward-looking statements. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. USBI undertakes no obligation to update these statements following the date of this press release, except as required by law. In addition, USBI, through its senior management, may make from time to time forward-looking public statements concerning the matters described herein. Such forward-looking statements are necessarily estimates reflecting the best judgment of USBI's senior management based upon current information and involve a number of risks and uncertainties. Certain factors that could affect the accuracy of such forward-looking statements are identified in the public filings made by USBI with the Securities and Exchange Commission, and forward-looking statements contained in this press release or in other public statements of USBI or its senior management should be considered in light of those factors. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.
SOURCE United Security Bancshares, Inc.