UNITED SECURITY BANCSHARES (NASDAQ:UBFO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 (b) Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
On November 28, 2017, the Board of Directors of United Security Bancshares (the "Company") and United Security Bank (the "Bank"), voted to increase the size of their respective Boards from ten directors to eleven directors and appointed Nabeel Mahmood and Brian Tkacz as members of their respective Boards, effective immediately. Mr. Mahmood was also appointed to the Audit Committee of the Company’s Board of Directors and Mr. Tkacz was appointed to the Risk Management Committee of the Bank’s Board of Directors.
Mr. Mahmood brings over 18 years of executive level information technology experience to the Board. He currently serves as the Chief Information Technology Officer of Maxco and was the previous Chief Information Technology Officer of KamWay.
Mr. Tkacz currently serves as the Director of Information Technology at Markel Corporation. Previous to this, Mr. Tkacz was a Director of Consumer Lending at Capital One. Mr. Tkacz holds an MBA from the Darden Graduate School of Business, University of Virginia and a B.S. in Managerial Economics from Cornell University.
Both Mr. Mahmood and Mr. Tkacz will participate in the Company’s standard independent director compensation program which provides for cash compensation for committee attendance, premiums for serving as chairs of certain committees, and equity grants in the form of stock options. Cash compensation includes $1,300 per monthly Board meeting and an additional $200 per committee meeting, except loan committee meetings, where the cash compensation is $300 per loan committee meeting attended. In addition, both Mr. Mahmood and Mr. Tkacz will be eligible to participate in the Company’s 2015 Equity Incentive Award Plan and receive nonqualified stock options, restricted stock awards, and restricted stock units, if and when duly approve by the Company’s Board.
Since the beginning of the Company’s last fiscal year through the present, there have been no transactions with the Company, and there are currently no proposed transactions with the Company, in which the amount involved exceeds $120,000 and in which either Mr. Mahmood or Mr. Tkacz had or will have a direct or indirect material interest within the meaning of Item 404(a) of Regulation S-K.
No arrangement or understanding exists between either Mr. Mahmood or Mr. Tkacz and any other person to which either of them was selected as a director of the Company and Bank.
The Company’s press release announcing the appointments of Mr. Mahmood and Mr. Tkacz is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
UNITED SECURITY BANCSHARES ExhibitEX-99.1 2 ex991mahmoodtkacz11282017.htm EXHIBIT 99.1 11282017 MAHMOODTKACZ Exhibit EXHIBIT 99.1United Security Bancshares Appoints Two New Members to Board of DirectorsFRESNO,…To view the full exhibit click here
About UNITED SECURITY BANCSHARES (NASDAQ:UBFO)
United Security Bancshares is the bank holding company for United Security Bank (the Bank). The Bank is a California state-chartered bank. The Bank operates in the segment of providing banking services to commercial establishments and individuals primarily in the San Joaquin Valley of California. The Bank offers a range of services for commercial customers and account holders, including online banking, mobile banking, safe deposit boxes, automated teller machine (ATM) services, payroll direct deposit, cashier’s checks, traveler’s checks, money orders and foreign drafts. The Bank offers a range of financial services, including wealth management, employee benefit, insurance and loan products, as well as consulting services. It offers a range of deposit instruments, including personal and business checking accounts and savings accounts, interest-bearing negotiable order of withdrawal (NOW) accounts, money market accounts and time certificates of deposit.
