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Section 1: 8-K (8-K MOU TERMINATION DBO)

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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

October 25 2016
Date of Report (Date of earliest event reported)

UNITED SECURITY BANCSHARES
(Exact Name of Registrant as Specified in its Charter)

California
(State or Other Jurisdiction of Incorporation)
000-32987
 
91-2112732
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
 
 
2126 Inyo Street, Fresno, California
 
93721
(Address of principal executive offices)
 
(Zip Code)

559-248-4943
(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a12 under the Exchange
Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))








ITEM 1.02 TERMINATION OF MATERIAL DEFINITIVE AGREEMENT

Effective October 19, 2016, the California Department of Business Oversight terminated the Memorandum of Understanding with United Security Bank, primary subsidiary of United Security Bancshares, dated October 1, 2013.
The text of the press release related to the termination of the Memorandum of Understanding is attached as Exhibit 99.1.

EXHIBIT #
99.1 Press release of United Security Bancshares dated October 25, 2016.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
 
United Security Bancshares
 
 
 
 
Date:
October 25, 2016
 
By: /s/ Bhavneet Gill
 
 
 
Bhavneet Gill
 
 
 
Senior Vice President & Chief Financial Officer



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Section 2: EX-99.1 (EXHIBIT 99.1 8K MOU TERMINATION)

Exhibit


United Security Bancshares Announces Termination of Memorandum of Understanding

FRESNO, CA, October 25, 2016- United Security Bancshares (http://www.unitedsecuritybank.com/) (Nasdaq Global Select: UBFO), the holding company for United Security Bank (the "Bank"), announced that yesterday the Bank received notification from the California Department of Business Oversight that the Memorandum of Understanding (“MOU”) dated October 1, 2013, had been terminated effective as of October 19, 2016. 
 
The lifting of the MOU reflects the Bank’s continued improvement in financial condition and performance and ongoing compliance with the terms of the MOU.  This regulatory recognition marks an important milestone in United Security Bancshares' efforts to reduce regulatory oversight.

United Security Bancshares is a $750+ million bank holding company headquartered in Fresno, California. United Security Bank, its principal subsidiary, is a California state-chartered bank with 11 branches serving California's Central Valley and Campbell, in California's Silicon Valley, and is a member of the Federal Reserve System.



FORWARD-LOOKING STATEMENTS
Certain statements made in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts, such as statements about the Company's board or its structure. Although the Company believes that its expectations with respect to such forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from those expressed or implied by such forward-looking statements. For a more complete discussion of these risks and uncertainties, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, and particularly the section of Management’s Discussion and Analysis. Readers should carefully review all disclosures the Company files from time to time with the Securities and Exchange Commission ("SEC").




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