-----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, TgBGlM9OPa1qY6W+Tz318pJ1kF0LEU0Fim7bMkctGRF92h8EObjRN4wzGAX4OW9L HjVygM2bJ6rPEGGyRAk0mQ== 0000726990-97-000014.txt : 19970728 0000726990-97-000014.hdr.sgml : 19970728 ACCESSION NUMBER: 0000726990-97-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970724 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19970725 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: 97645077 BUSINESS ADDRESS: STREET 1: 9506 N NEWPORT HWY CITY: SPOKANE STATE: WA ZIP: 99218-1200 BUSINESS PHONE: 5094676949 MAIL ADDRESS: STREET 1: 9506 N NEWPORT HWY CITY: SPOKANE STATE: WA ZIP: 99218-1200 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): July 18, 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 5. Other Events On July 18, 1997 United Security Bancorporation through its two banking subsidiaries completed the purchase of five Wells Fargo Bank branches. The branches in Davenport and Moses Lake, Washington are operating under the name of United Security Bank. The branches in Mabton, Naches, and Walla Walla, Washington are operating under the name of Home Security Bank. The final computations of the purchase are being completed, which indicate an increase in deposits of approximately $35 million, increase in property and equipment of approximately $1.7 million, and an increase in other assets for the cost of deposits of approximately $2.3 million. The news release of July 21, 1997 is included as an exhibit. 99. Press release dated July 21, 1997, issued by United Security Bancorporation. 1 EXHIBIT INDEX Exhibit No. Title - ----------- ----- 99. Press release dated July 21, 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: July 24, 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) 467-6993 (206) 448-1996 NEWS RELEASE - ------------------------------------------------------------ - -----------
UNITED SECURITY COMPLETES PURCHASE OF FIVE WELLS FARGO BRANCHES; INCREASING BRANCHES 50% AND ADDING APPROXIMATELY $35 MILLION DEPOSITS SPOKANE, WA-July 21,1997-United Security Bancorporation (NASDAQ:USBN) today announced its two banking subsidiaries have completed the purchase of five Wells Fargo Bank (NYSE:WFC) branches in Central and Eastern Washington State. USBN previously had a total of ten branch offices. The transactions, which closed July 18, include Home Security Bank's purchase of Wells Fargo branches in Mabton, Naches, and Walla Walla; and United Security Bank's purchase of branches in Davenport and Moses Lake. "Acquisition of these branches demonstrates our strategy to grow in communities throughout central and eastern Washington," said William C. Dashiell, President and Chief Executive Officer. "These branches serve some of our primary target areas. We are excited about this 50% expansion in our locations. "We are retaining the branch employees in order to provide good continuity in the change of ownership and, more importantly, the ongoing knowledge of and contact with our new depositor base. We want to assure customers that any disruption will be minimal," Dashiell added. "The total deposits purchased approximate $35 million and will add significantly to our ability to continue loan growth in our communities." At March 31, 1997, USBN had total deposits of $201 million and assets of $235.4 million. Results for the second quarter are expected to be reported by the end of July. Both transactions include deposit accounts and branch facilities such as land, buildings, furniture, fixtures and other fixed assets. The purchases do not include loans. United Security Bancorporation is a multi-bank holding company that, following this acquisition, owns two banks with banking facilities in fifteen Central and Eastern Washington communities. 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 4:46 p.m. PDT, July 21, 1997.
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