UNITED BANCSHARES, INC. (NASDAQ:UBOH) Files An 8-K Changes in Registrant’s Certifying AccountantItem 4.01. Changes in Registrant’s Certifying Accountant.
(b) The Audit Committee (the “Committee”) of the Board of Directors of United Bancshares, Inc. (the “Company”) recently conducted a comprehensive selection process to determine the Company’s independent registered public accounting firm for the fiscal years ending December 31, 2016, 2017 and 2018. The Committee invited several independent registered public accounting firms to participate in this process, including S. R. Snodgrass, P.C. (“Snodgrass”). As a result of this process, on March 22, 2018, the Committee approved the appointment of Snodgrass as the Company’s independent registered public accounting firm for the fiscal years ending December 31, 2016, 2017 and 2018.
As previously disclosed in the Company’s Current Report on Form 8-K filed on September 18, 2017, the Company was notified on September 12, 2017 by its former independent registered public accounting firm, RSM US, LLP (“RSM”), that it declined to stand for reelection as the Company’s independent registered public accounting firm. The report of RSM on the Company’s consolidated financial statements as of December 31, 2015 and 2014 and for the years then ended, did not contain an adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope, or accounting principles. There were no disagreements or reportable events required to be disclosed to Item 304(a)(1)(iv) or Item 304(a)(1)(v) of Regulation S-K.
During the two most recent fiscal years and in the subsequent interim period through September 12, 2017, the Company has not consulted with Snodgrass with respect to the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that would have been rendered on the Company’s consolidated financial statements, or any other matters set forth in Item 304(a)(2)(i) or (ii) of Regulation S-K.
About UNITED BANCSHARES, INC. (NASDAQ:UBOH)
United Bancshares, Inc. is a bank holding company of The Union Bank Company (the Bank). The Bank is a state-chartered bank. Through the Bank, the Company provides a range of commercial and retail banking services. The Bank offers a range of commercial banking services, including checking accounts, savings and money market accounts; certificates of deposit; online banking and automatic teller machines; commercial, consumer, agricultural, residential mortgage and home equity loans; wealth management services; treasury management services; safe deposit box rentals, and other personalized banking services. Through its over 10 branch offices located in Bowling Green, Columbus Grove, Delaware, Delphos, Findlay, Gibsonburg, Kalida, Leipsic, Lima, Marion, Ottawa, and Pemberville, Ohio, the Company serves the Ohio counties of Allen, Delaware, Hancock, Marion, Putnam, Sandusky, Van Wert and Wood. The Bank’s total loan portfolio was approximately $354.6 million.