-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KZQIF8pNJOwpL9rVnA0/NnORizH0cPA+ehz1HtPm3ErMPbRYISPTKmkHlZI9HC41 frUjSi0Dpnpho3Cf1j8MhQ== 0001181431-05-068946.txt : 20051227 0001181431-05-068946.hdr.sgml : 20051226 20051227160221 ACCESSION NUMBER: 0001181431-05-068946 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20051222 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20051227 DATE AS OF CHANGE: 20051227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED SECURITY BANCSHARES INC CENTRAL INDEX KEY: 0000717806 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 630843362 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14549 FILM NUMBER: 051287110 BUSINESS ADDRESS: STREET 1: P O BOX 249 STREET 2: 131 WEST FRONT STREET CITY: THOMASVILLE STATE: AL ZIP: 36784 BUSINESS PHONE: 3346365424 MAIL ADDRESS: STREET 1: P O BOX 249 STREET 2: 131 WEST FRONT STREET CITY: THOMASVILLE STATE: AL ZIP: 36784 8-K 1 rrd101418.htm 8K FOR INCENTIVE Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
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
 
Date of Report (Date of earliest event reported):  12/22/2005
 
UNITED SECURITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
 
Commission File Number:  0-14549
 
DE
  
63-0843362
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
131 West Front Street, P O Box 249, Thomasville, AL 36784
(Address of principal executive offices, including zip code)
 
334-636-5424
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
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 14a-12 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))
 

Information to be included in the report

 
Item 1.01.    Entry into a Material Definitive Agreement
 
On December 22, 2005, the Board of Directors (the "Board") of United Security Bancshares, Inc. (the "Company"), on recommendation of the Compensation Committee of the Board (the "Committee"), approved the criteria pursuant to which cash bonuses will be paid to the Chief Executive Officer and the next four most highly compensated executive officers of the Company (the "Executives") for fiscal 2006 under the Company's 2006 Incentive Earnings Program (the "Program"). These criteria also are used to establish bonuses for certain other officers and employees of the Company. The Executives, officers, and employees are eligible to receive bonuses under the Program if certain qualitative and quantitative individual and Company performance criteria are achieved during fiscal 2006. The criteria established by the Committee and the Board for the year ending December 31, 2006, which differ based on whether the individual was a non-loan or a loan officer, are as follows:

Non-Loan Officer Criteria

1.        Return on average assets of First United Security Bank (the "Bank").

2.        Return on average equity of the Company.

3.        Reduction of other non-interest expense of the Bank.

4.        Average total deposit growth of the Bank.

5.        Increase in non-interest income of the Bank.

6.        Increase in average deposit growth of applicable bank branch.

Loan Officer Criteria

1.        Return on average assets of the Bank.

2.        Return on average equity of the Company.

3.        Increase in average deposit growth at applicable bank branch.

4.       & nbsp;Charge-offs based on average portfolio of individual at year-end.

5.        Average past due percentage based on average portfolio of individual at year-end.

6.        Credit life insurance sales.

        All incentive earnings under the Program are computed on a percentage of gross annual salary excluding any bonus, commissions, or incentive pay. No incentive earnings will be paid if employment is terminated prior to December 31, 2006.
 

 

Signature(s)
 
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, INC.
 
 
Date: December 27, 2005
     
By:
 
/s/    Larry M. Sellers
               
Larry M. Sellers
               
Vice President, Secretary, and Treasurer
 
 
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