-----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, OCOzbhhvUochNjBMPA6xaSo2wXcnNLhji2JA236qfyV6mnF2m1AZo+gsusFtpLwh Sox/JAlqLHx4k3ZUFQrGng== 0000726990-97-000009.txt : 19970611 0000726990-97-000009.hdr.sgml : 19970611 ACCESSION NUMBER: 0000726990-97-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970610 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19970610 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED SECURITY BANCORPORATION CENTRAL INDEX KEY: 0000726990 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 911259511 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18561 FILM NUMBER: 97621566 BUSINESS ADDRESS: STREET 1: 9506 N NEWPORT HWY CITY: SPOKANE STATE: WA ZIP: 99218 BUSINESS PHONE: 5094676949 MAIL ADDRESS: STREET 1: 9506 N NEWPORT HWY CITY: SPOKANE STATE: WA ZIP: 99218 8-K 1 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): June 3, 1997 United Security Bancorporation (Exact Name of Registrant as Specified in Charter) Washington 0-18561 91-1259511 ---------- ------- ---------- (State or other jurisdiction (Commission (IRS Employer Identi- of incorporation) File Number) fication Number) 9506 North Newport Highway, Spokane, Washington 99218- 1200 ----------------------------------------------------- - ----- (Address of principal executive offices/Zip Code) Registrant's telephone number, including area code: (509) 467-6949 --------------------------------------------------------- - ---------- Item 4. Changes in Registrant's Certifying Accountant. On June 3, 1997, the United Securities Bancorporation Board of Directors Audit Committee selected Moss Adams LLP as its independent auditing firm and new independent accountant, effective immediately. For further information the press release issued on June 6, 1997 announcing the selection of Moss Adams is incorporated by reference as Exhibit 99. 99. Press release dated June 6, 1997, issued by United Security Bancorporation. 1 EXHIBIT INDEX Exhibit No. Title - ----------- ----- 99. Press release dated June 6, 1997, issued by United Security Bancorporation SIGNATURES Pursuant to the requirements of the Security Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: June 10, 1997 UNITED SECURITY BANCORPORATION By: /s/ Chad Galloway ------------------------------ Name: Chad Galloway Title: Vice President and Chief Financial Officer 2 EX-99 2 Len Cereghino & Co. CLIENT: UNITED SECURITY BANCORPORATION CORPORATE INVESTOR RELATIONS CONTACT: William C. Dashiell 2605 WESTERN AVE. Chief Executive Officer SEATTLE, WA 98121 (509) 467-6949 (206) 448-1996 NEWS RELEASE - ------------------------------------------------------------ - -----------
UNITED SECURITY BANCORPORATION SELECTS MOSS ADAMS AS AUDIT FIRM SPOKANE, WA--June 6,1997--United Security Bancorporation (NASDAQ:USBN) today announced it has selected Moss Adams LLP as its independent auditing firm and business advisors, effective immediately. "Stepping up the professionalism of our auditing team to the high standards of Moss Adams is consistent with United Security's long-term marketing and growth plans," noted President and Chief Executive Officer, William C. Dashiell. "We conducted a thorough search before selecting Moss Adams for this important role," he noted. "Interviews were conducted with nearly all the `Big Six' accounting firms, as well as several smaller firms, to determine where we would obtain the best possible counsel. The Board Audit Committee made the decision to select Moss Adams." USBN's previous auditor was McFarland & Alton, P.S., of Spokane. "Moss Adams currently services over 40 financial institutions in Washington and Oregon, and is well-known for its expertise in this field," Dashiell added. "We anticipate drawing on the resources of their network of skilled practitioners who are dedicated exclusively to the financial services industry." United Security Bancorporation is a multi-bank holding company that currently owns two banks (United Security Bank and Home Security Bank) with banking facilities in ten central and eastern Washington communities. At March 31, USBN had total assets of $235.4 million, total deposits of $201 million, and loans of $175.4 million. Shareholder equity was $28.9 million. Return on average assets was 1.71% and return on average equity was 13.90%. USBN recently announced two planned acquisitions (The Wheatland Bank, headquartered in Davenport, WA, and five former branches of Wells Fargo), which will double it number of branch locations to 20. Both transactions are expected to be completed in the third quarter of 1997, subject to regulatory approval. In addition, the company owns USB Insurance, a full-line insurance agency, USB Mortgage, a mortgage company, and USB Leasing, a commercial leasing company. NOTE: Transmitted on PR Newswire at 3:00 a.m. PDT, June 6, 1997.
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