United Security Bancshares

03/20/2026 | Press release | Distributed by Public on 03/20/2026 14:56

Material Event (Form 8-K)

Item 8.01 Other Events
As previously disclosed, on December 16, 2025, Community West Bancshares, a California corporation (the "Company") entered into an Agreement and Plan of Merger (the "Merger Agreement") by and between the Company and United Security Bancshares, a California corporation ("USB"). Pursuant to the terms of the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, USB would merge with and into the Company, with the Company continuing as the surviving corporation (the "Merger"). United Security Bank, USB's wholly owned banking subsidiary, will be merged with and into Community West Bank, immediately following the completion of the Merger.
On February 4, 2026, the Company filed a registration statement on Form S-4 (the "Registration Statement") with the SEC, which includes a prospectus with respect to the shares of the Company's common stock to be issued in the Merger and a joint proxy statement for the Company's and USB's respective shareholders. The Registration Statement was declared effective on February 24, 2026, the Company filed a final prospectus on February 24, 2026, and USB filed a definitive proxy statement on February 25, 2026 (together, the "Joint Proxy Statement/Prospectus"). The Company and USB commenced mailing the Joint Proxy Statement/Prospectus to their respective shareholders on or about February 27, 2026. Each of the Company and USB will hold a special meeting of its shareholders on March 30, 2026, in connection with the transactions contemplated by the Merger Agreement as further described in the Joint Proxy Statement/Prospectus.
Litigation Related to the Merger
Following the announcement of the Merger, as of the date of this Current Report on Form 8-K, two lawsuits challenging the Merger have been filed in New York Supreme Court (each, a "Lawsuit" and, together, the "Lawsuits"). The first Lawsuit, captioned Johnson v. United Security Bancshares et al.(No. 651353 / 2026) was filed on March 4, 2026. The second Lawsuit, captioned Thompson v. United Security Bancshares et al.(No. 651360 / 2026) was filed on March 5, 2026. In addition, USB has received demand letters from certain purported shareholders of USB that allege deficiencies or omissions in the Registration Statement (collectively, the "Demand Letters" and together with the Lawsuits, the "Matters"). The Matters each allege that, among other things, the Joint Proxy Statement/Prospectus contains certain disclosure deficiencies or incomplete information regarding the Merger and seek additional disclosures to remedy these purported deficiencies. The Company and USB believe that the allegations in the Matters are without merit. There can be no assurances that additional lawsuits or demands will not be filed or made against the Company or USB with respect to the Merger. If this occurs, neither the Company nor USB will necessarily announce them.
The Company and USB believe that the disclosures set forth in the Joint Proxy Statement/Prospectus comply with applicable law and exchange rules and that no further disclosure beyond that already contained in the Joint Proxy Statement/Prospectus is required under applicable law or exchange rules. However, in order to moot such disclosure claims, to avoid nuisance, cost and distraction, and to preclude any efforts to delay the completion of the Merger, and without admitting any culpability, liability or wrongdoing and without admitting the relevance or materiality of such disclosures, the Company and USB are voluntarily supplementing the Joint Proxy Statement/Prospectus with the disclosures set forth below (the "Supplemental Disclosures"). Nothing in the Supplemental Disclosures shall be deemed an admission of the legal necessity or materiality under applicable laws of any of the disclosures set forth herein. To the contrary, the Company and USB specifically deny all allegations in the Matters, including that any additional disclosure was or is required.
2
Supplemental Disclosures to the Joint Proxy Statement/Prospectus
The Supplemental Disclosures should be read in connection with the Joint Proxy Statement/Prospectus, which should be read in its entirety, including all risk factors and cautionary notes contained therein. All page references are to pages in the Joint Proxy Statement/Prospectus, and terms used below, unless otherwise defined, have the meanings set forth in the Joint Proxy Statement/Prospectus.
1.The Section of the Joint Proxy Statement/Prospectus entitled "Background of the merger" beginning on page 35 is hereby amended by adding the following as a new last sentence to the first paragraph thereunder:
In connection with discussions regarding potential transactions, USB and its advisors periodically solicited interest from potential buyers or merger candidates over the years; however, no other potential candidate expressed actionable interest.
2.The Section of the Joint Proxy Statement/Prospectus entitled "Background of the merger" beginning on page 35 is hereby amended by adding the following as new additional third and fourth sentence to the paragraph beginning with "On October 7, 2025…" on page 37:
Among other things, the USB Board was aware of and strongly believed that the continuity of director positions and Mr. Woods' continued employment would be integral to the success of the combined company and, ultimately, in the best interests of USB shareholders. The USB Board viewed this potential transaction as a continued investment in the proposed combined company, and the roles offered to Messrs. Woods and Gill by CWB aligned with those beliefs.
3.The Section of the Joint Proxy Statement/Prospectus entitled "Relative Contribution Analysis" beginning on page 43 is hereby amended by deleting the table appearing in such Section and replacing it with the following table:
Community West United Security
($M) As a % of
Combined
Company 		($M) As a % of
Combined
Company
Balance Sheet (Projected at close)
Total Assets
$ 3,687 75% $ 1,264 25%
Total Loans
$ 2,546 72% $ 987 28%
Total Deposits
$ 3,125 74% $ 1,100 26%
Tangible Common Equity
$ 318 70% $ 137 30%
Profitability
LTM Net Income (as of September 30, 2025)
$ 33.9 75% $ 11.4 25%
2026 Estimated Earnings
$ 44.6 74% $ 15.6 26%
Market Data
Market Capitalization (as of December 15, 2025)
$ 463 72% $ 183 28%
Pro Forma Ownership (Based on 0.4520x Exchange Ratio)
71% 29%
Source: S&P Capital IQ Pro
Note: Balance sheet figures projected as of June 30, 2026
3
4.The Section of the Joint Proxy Statement/Prospectus entitled "Comparable Company & Market Premium Analysis - USB" beginning on page 43 is hereby amended by adding the following after the table appearing in such Section:
The table below contains additional information reviewed and utilized by Janney in its analysis:
Adjusted Price(1)
Total Mkt Tang.
Assets Cap Book LTM Div. LTM LTM TCE / NPAs /
Company Ticker ($M) ($M) Value EPS Yield ROAA ROAE TA Assets
BayCom Corp BCML 2,604 333 142.4 % 18.2x 3.9 % 0.89 % 7.0 % 11.5 % 0.48 %
Plumas Bancorp PLBC 2,229 316 177.3 % 13.2x 2.6 % 1.47 % 13.3 % 10.1 % 0.68 %
Eagle Bancorp Montana, Inc. EBMT 2,120 146 124.4 % 13.5x 3.1 % 0.64 % 7.7 % 7.1 % 0.10 %
Timberland Bancorp, Inc. TSBK 2,013 294 148.2 % 12.7x 3.0 % 1.50 % 11.6 % 12.4 % 0.23 %
Oak Valley Bancorp OVLY 1,995 249 161.2 % 13.1x 2.0 % 1.23 % 12.7 % 9.8 % 0.00 %
Riverview Bancorp, Inc. RVSB 1,510 111 102.5 % 30.3x 1.5 % 0.31 % 2.9 % 9.2 % 0.05 %
Provident Financial Holdings, Inc. PROV 1,231 103 100.2 % 21.9x 3.5 % 0.49 % 4.6 % 10.4 % 0.15 %
Sound Financial Bancorp, Inc. SFBC 1,060 114 133.4 % 21.0x 1.7 % 0.64 % 6.5 % 10.1 % 0.39 %
Mean 1,845 208 136.2 % 18.0x 2.7 % 0.90 % 8.3 % 10.1 % 0.26 %
Median 2,004 197 137.9 % 15.9x 2.8 % 0.77 % 7.4 % 10.1 % 0.19 %
United Security Bancshares UBFO 1,236 182 145.3 % 17.0x 4.6 % 0.94 % 8.5 % 10.8 % 1.10 %
Source: S&P Capital IQ Pro
(1) Adjusted for a 24.3% equity control premium, which is the median three-day stock price premium for all bank and thrift M&A deals for the past 10 years for all sizes and geographic areas
4
5.The Section of the Joint Proxy Statement/Prospectus entitled "Comparable Company Analysis - CWB" beginning on page 44 is hereby amended by adding the following after the table appearing in such Section:
The table below contains additional information reviewed and utilized by Janney in its analysis:
Price /
Total Mkt Tang.
Assets Cap Book LTM Div. LTM LTM TCE / NPAs /
Company Ticker ($M) ($M) Value EPS Yield ROAA ROAE TA Assets
Preferred Bank PFBC 7,468 1,236 159.4 % 10.1X 3.2 % 1.82 % 16.9 % 10.4 % 0.94 %
Heritage Financial Corporation HFWA 7,012 861 130.4 % 15.4X 3.8 % 0.81 % 6.5 % 9.8 % 0.21 %
Westamerica Bancorporation WABC 5,914 1,221 151.9 % 10.7X 3.8 % 1.96 % 11.5 % 14.0 % 0.04 %
Heritage Commerce Corp HTBK 5,624 738 140.0 % 17.2X 4.3 % 0.78 % 6.3 % 9.7 % 0.06 %
Five Star Bancorp FSBC 4,642 796 184.6 % 13.8X 2.1 % 1.36 % 14.1 % 9.3 % 0.05 %
California BanCorp. BCAL 4,101 639 147.7 % 10.2X 2.0 % 1.57 % 12.0 % 10.9 % 0.38 %
Bank of Marin Bancorp BMRC 3,869 445 121.8 % 45.0X 3.6 % 0.26 % 2.3 % 9.7 % NA
Sierra Bancorp BSRR 3,709 453 138.2 % 11.9X 2.9 % 1.09 % 11.2 % 9.0 % 0.43 %
Mean 5,292 799 146.7 % 16.8x 3.2 % 1.21 % 10.1 % 10.4 % 0.30 %
Median 5,133 767 143.9 % 12.8x 3.4 % 1.22 % 11.4 % 9.7 % 0.21 %
Community West Bancshares CWBC 3,612 456 155.8 % 13.4x 2.0 % 0.95 % 9.0 % 8.3 % 0.20 %
5
6.The Section of the Joint Proxy Statement/Prospectus entitled "Relevant Nationwide Transactions Analysis - USB" beginning on page 45 is hereby amended by adding the following after the table appearing in such Section:
The table below contains additional information reviewed and utilized by Janney in its analysis:
Deal Price/ Seller Financial Metrics
Deal Tang. Prem./ 1-Day Total
Date Value Book
LTM)
Core Market Assets NPAs/ TCE / LTM
Annc. Buyer / Seller ($M) Value EPS Deps Prem. ($M) Assets TA ROAA
12/8/2025
Home Bancshares, Inc. / Mountain Commerce Bancorp, Inc.
154 107.2 % 13.8x 1.1 % 7.3 % 1,803 0.79 % 7.9 % 0.62 %
11/12/2025 Richmond Mutual Bancorp., Inc. / Farmers Bancorp 85 112.3 % 9.1x 2.4 % 7.3 % 1,102 0.25 % 6.9 % 0.90 %
10/30/2025
First Mid Bancshares, Inc. / Two Rivers Financial Group, Inc.
93 109.6 % 10.6x 0.9 % 21.6 % 1,189 0.94 % 7.3 % 0.74 %
10/27/2025
Park National Corporation / First Citizens Bancshares, Inc.
317 168.0 % 14.7x 8.8 % NA 2,544 0.99 % 6.9 % 0.86 %
10/22/2025 Third Coast Bancshares, Inc. / Keystone Bancshares, Inc. 123 130.1 % 15.1x 4.6 % NA 1,020 0.09 % 9.2 % 0.88 %
10/22/2025 Farmers National Banc Corp. / Middlefield Banc Corp. 293 160.1 % 13.9x 7.3 % 26.6 % 1,979 1.76 % 9.4 % 1.11 %
10/20/2025
HBT Financial, Inc. / CNB Bank Shares, Inc.
170 120.0 % 10.5x 2.4 % 15.7 % 1,847 0.31 % 6.7 % 0.90 %
10/1/2025 Prosperity Bancshares, Inc. / Southwest Bancshares, Inc. 270 153.3 % 14.6x 4.7 % NA 2,354 0.82 % 8.7 % 0.84 %
9/25/2025
First Merchants Corporation / First Savings Financial Group, Inc.
241 135.0 % 10.9x 4.3 % 21.5 % 2,417 0.56 % 7.6 % 0.89 %
8/19/2025
TowneBank / Dogwood State Bank
491 223.7 % 30.8x 15.4 % 68.3 % 2,363 0.65 % 9.4 % 0.76 %
7/18/2025
Bank First Corporation / Centre 1 Bancorp, Inc.
174 230.8 % 28.6x 8.3 % NA 1,534 0.28 % 6.2 % 0.51 %
7/1/2025 Investar Holding Corporation / Wichita Falls Bancshares, Inc. 84 90.9 % 14.2x -1.1 % NA 1,594 0.39 % 9.2 % 0.62 %
6/23/2025
First Financial Bancorp. / Westfield Bancorp
324 142.2 % 17.4x 6.1 % NA 2,123 0.11 % 10.7 % 0.92 %
4/3/2025
TowneBank / Old Point Financial Corporation
202 175.1 % 20.2x NA 32.4 % 1,451 0.16 % 8.0 % 0.68 %
2/25/2025
Old Second Bancorp, Inc. / Bancorp Financial, Inc.
197 131.1 % 38.7x 7.4 % NA 1,449 0.14 % 11.0 % 0.50 %
1/10/2025
CNB Financial Corporation / ESSA Bancorp, Inc.
210 96.3 % 11.6x -0.4 % 10.6 % 2,188 0.56 % 10.0 % 0.78 %
12/17/2024
Northwest Bancshares, Inc. / Penns Woods Bancorp, Inc.
270 139.1 % 13.1x 5.6 % 1.9 % 2,259 0.20 % 8.3 % 0.88 %
9/9/2024
NBT Bancorp Inc. / Evans Bancorp, Inc.
236 132.4 % 12.2x 3.7 % 18.3 % 2,257 1.31 % 7.8 % 0.88 %
7/29/2024 German American Bancorp, Inc. / Heartland BancCorp 347 212.0 % 16.2x 15.7 % 80.0 % 1,920 0.06 % 8.1 % 1.09 %
7/25/2024 ChoiceOne Financial Services, Inc. / Fentura Financial, Inc. 180 134.6 % 14.5x 0.3 % 33.9 % 1,757 0.56 % 7.7 % 0.70 %
5/15/2024 Alerus Financial Corporation / HMN Financial, Inc. 115 106.8 % 20.1x 0.8 % 32.6 % 1,151 0.26 % 9.4 % 0.50 %
75thPercentile
270 160.1 % 17.4x 7.3 % 36.6 % 2,257 0.79 % 9.4 % 0.89 %
Median 202 134.6 % 14.5x 4.5 % 21.6 % 1,847 0.39 % 8.1 % 0.84 %
25thPercentile
154 112.3 % 12.2x 1.0 % 11.9 % 1,451 0.20 % 7.6 % 0.68 %
01/11/24 Community West Bancshares / United Security Bancshares 193 145.3 % 17.0x 5.9 % 3.9 % 1,236 1.10 % 10.8 % 0.94 %
6
7.The Section of the Joint Proxy Statement/Prospectus entitled "Relevant Regional Transactions Analysis - USB" beginning on page 46 is hereby amended by adding the following after the table appearing in such Section:
The table below contains additional information reviewed and utilized by Janney in its analysis:
Deal Price/ Seller Financial Metrics
Deal Tang. Prem./ 1-Day Total
Date Value Book
LTM)
Core Market Assets NPAs/ TCE / LTM
Annc. Buyer / Seller ($M) Value EPS Deps Prem. ($M) Assets TA ROAA
09/25/25 Heritage Financial Corporation / Olympic Bancorp, Inc. 177 151.3 % 24.4x 4.9 % NA 1,693 0.01 % 8.4 % 0.51 %
01/29/25
Plumas Bancorp / Cornerstone Community Bancorp
62 135.0 % NM NA 49.5 % 658 0.06 % 6.5 % -0.12 %
01/13/25
Glacier Bancorp, Inc. / Bank of Idaho Holding Company
246 186.7 % 17.3x 12.5 % 45.8 % 1,328 0.16 % 9.5 % 1.09 %
05/20/24
CBC Bancorp / Bay Community Bancorp
127 169.7 % 15.9x NA 83.0 % 983 0.72 % 7.7 % 0.77 %
05/20/24 West Coast Community Bancorp / 1st Capital Bancorp 60 92.7 % 17.7x -0.6 % -0.5 % 1,015 0.04 % 6.4 % 0.35 %
03/22/24
Harborstone Credit Union / SaviBank
78 172.9 % 39.5x 10.9 % NA 593 0.16 % 7.6 % 0.34 %
01/30/24 Southern California Bancorp / California BanCorp 227 118.1 % 10.4x 2.9 % 12.7 % 1,986 0.19 % 9.5 % 1.09 %
01/11/24
Global Federal Credit Union / First Financial Northwest Bank
231 141.4 % 26.4x 11.2 % 75.3 % 1,525 0.08 % 9.7 % 0.63 %
10/10/23 Central Valley Community Bancorp / Community West Bancshares 100 87.5 % 8.7x -1.4 % -12.3 % 1,131 0.09 % 10.0 % 1.05 %
08/08/23
Glacier Bancorp, Inc. / Community Financial Group, Inc.
81 164.9 % 10.7x 5.6 % 147.6 % 754 0.00 % 6.5 % 0.96 %
75thPercentile
214 168.5 % 24.4x 11.0 % 77.2 % 1,476 0.16 % 9.5 % 1.02 %
Median 113 146.4 % 17.3x 5.3 % 47.6 % 1,073 0.09 % 8.1 % 0.70 %
25thPercentile
78 122.3 % 10.7x 2.0 % 9.4 % 811 0.05 % 6.8 % 0.39 %
01/11/24 Community West Bancshares / United Security Bancshares 193 145.3 % 17.0x 5.9 % 3.9 % 1,236 1.10 % 10.8 % 0.94 %
8.The Section of the Joint Proxy Statement/Prospectus entitled "Discounted Cash Flow Analysis" beginning on page 47 is hereby amended by adding the following to the end of the first paragraph of the Section:
Janney selected price to tangible book value and earnings multiples based on Janney's professional judgement and experience, as well as a review of the multiples of selected transactions deemed to be comparable to the proposed transaction.
Risk Free Rate
4.17%
10-year Treasury (as of December 15, 2025)
Equity Risk Premium
5.00%
Kroll Historical Equity Risk Premium(1)
9.17%
Industry Beta
1.00
GICS 401010 Information Beta from Kroll(1)
Size Premium
4.47%
Kroll Micro Cap Size Premium(1)
Discount Rate
13.64%
Discount Rate (Rounded)
13.50%
(1) Based upon Kroll Cost of Capital Resources most recently published guidance (as of December 12, 2025)
7
9.The Section of the Joint Proxy Statement/Prospectus entitled "Pro Forma Merger Analysis" beginning on page 48 is hereby amended by adding the following as a new second to last sentence thereof:
For more information about certain of the assumptions used in Janney's pro forma analysis, see the Investor Presentation filed by CWB as an exhibit to its Current Report on Form 8-K with the SEC on December 17, 2025.
10.The Section of the Joint Proxy Statement/Prospectus entitled "Comparable Company Analyses" beginning on page 57 is hereby amended by deleting the table of company names at the top of page 58 (the "USB Peer Group") and replacing it with the following:
Financials as of September 30, 2025, unless otherwise noted Balance Sheet Capital Position LTM Profitability Valuation as of 12/15/2025
Price /
Tier 1 Core Tang. LTM Est. Est. 1 Yr
Total Loan/ NPAs/ TCE/ Lev. Eff. Core ROA Book Core 2026 2027 Div. Price Mkt
Assets Dpts Assets TA Ratio NIM Ratio ROAA¹ TCE¹ Value EPS¹ EPS EPS Yield ∆ Cap
Company Name City, St Ticker ($M) (%) (%) (%) (%) (%) (%) (%) (%) (%) (x) (x) (x) (%) (%) ($M)
Unity Bancorp, Inc. Clinton, NJ UNTY 2,876 108 0.59 11.6 12.7 4.46 42 1.99 16.9 170 11.1 10.0 9.3 1.1 20.2 565
C&F Financial Corporation Toano, VA CFFI 2,711 87 0.17 8.5 10.0 4.20 68 0.98 12.3 108 9.6 - - 2.4 (3.2) 245
Orange County Bancorp, Inc. Middletown, NY OBT 2,636 85 0.46 10.0 12.3 ² 4.01 59 1.27 15.6 148 10.8 9.3 8.2 2.5 (1.1) 391
Plumas Bancorp Reno, NV PLBC 2,229 82 0.68 10.1 10.6 ² 4.88 51 1.56 14.7 144 10.2 8.6 8.2 2.6 (5.8) 320
Northeast Community Bancorp, Inc. White Plains, NY NECB 2,056 124 0.03 16.7 16.1 ² 5.28 39 2.20 13.3 96 7.3 7.0 - 3.4 (14.8) 330
Oak Valley Bancorp Oakdale, CA OVLY 1,995 63 0.00 9.8 10.8 4.09 60 1.22 12.9 132 10.8 - - 2.0 1.1 253
Bank7 Corp. Oklahoma City, OK BSVN 1,891 94 0.31 12.2 12.7 5.03 40 2.45 20.5 182 9.7 10.4 - 2.4 (2.3) 417
FB Bancorp, Inc. New Orleans, LA FBLA 1,264 90 1.32 26.8 20.0 ² 4.60 92 0.14 0.5 78 NM - - 0.0 6.1 243
OptimumBank Holdings, Inc. Fort Lauderdale, FL OPHC 1,083 85 0.33 10.8 ³ 11.7 4.24 49 1.62 14.8 ³ 84 ⁴ 6.2 NM NM 0.0 (14.5) 48
United Security Bancshares Fresno, CA UBFO 1,236 89 1.10 10.8 12.4 4.37 58 0.95 8.9 137 15.3 - - 4.6 0.9 183
1) Core metrics as calculated by S&P Capital IQ Pro
2) Bank level financial data per S&P Capital IQ Pro
3) Calculated using total tangible equity per OPHC filings
4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares
Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM")
Source: S&P Capital IQ Pro
8
11.The Section of the Joint Proxy Statement/Prospectus entitled "Comparable Company Analyses" beginning on page 57 is hereby amended by deleting the table of company names at the top of page 59 (the "CWB Peer Group") and replacing it with the following:
Financials as of September 30, 2025 unless otherwise noted Balance Sheet Capital Position LTM Profitability Valuation as of 12/15/2025
Price /
Tier 1 Total Core Tang. LTM Est. Est. 1 Yr
Total Loan/ NPAs/ TCE/ Lev. RBC Eff. Core ROA Book Core 2026 2027 Div. Price Mkt
Assets Dpts Assets TA Ratio Ratio NIM Ratio ROAA¹ TCE¹ Value EPS¹ EPS EPS Yield ∆ Cap
Company Name City, St Ticker ($M) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (x) (x) (x) (%) (%) ($M)
Westamerica Bancorporation San Rafael, CA WABC 5,914 15 0.04 14.0 15.4 23.3 3.91 38 1.96 13.1 153 10.7 12.2 12.6 3.7 (11.9) 1,229
Heritage Commerce Corp San Jose, CA HTBK 5,624 75 0.06 9.7 9.9 15.4 3.46 61 0.94 10.0 141 14.4 12.7 11.7 4.3 16.0 742
Five Star Bancorp Rancho Cordova, CA FSBC 4,642 95 0.05 9.3 9.8 13.6 3.48 41 1.37 14.2 187 13.9 11.2 9.9 2.1 14.2 807
RBB Bancorp Los Angeles, CA RBB 4,208 98 1.29 10.6 11.5 23.6 2.89 62 0.56 5.2 86 17.2 10.6 9.5 2.9 (4.0) 380
California BanCorp. San Diego, CA BCAL 4,101 86 0.38 10.9 11.2 14.7 4.60 52 1.64 16.7 146 9.7 11.3 10.8 2.0 11.3 634
Bank of Marin Bancorp Novato, CA BMRC 3,869 62 0.92 9.7 10.1 16.1 2.96 70 0.67 6.9 121 17.7 13.1 11.8 3.6 12.4 443
Sierra Bancorp Porterville, CA BSRR 3,709 85 0.43 9.0 10.7 - 3.71 59 1.09 12.2 139 11.8 10.1 9.8 2.9 9.9 455
PCB Bancorp Los Angeles, CA PCB 3,364 94 0.24 9.4 11.6 15.2 3.27 51 1.12 11.6 108 9.9 8.9 8.1 3.4 10.3 337
OP Bancorp Los Angeles, CA OPBK 2,614 95 0.50 8.4 9.0 12.2 3.12 60 0.96 11.3 100 9.5 7.6 7.0 3.2 (13.4) 221
BayCom Corp Walnut Creek, CA BCML 2,604 92 0.48 11.5 11.8 15.7 3.77 63 0.94 8.5 121 14.6 12.5 11.6 3.7 12.3 351
Avidbank Holdings, Inc. San Jose, CA AVBH 2,362 96 0.12 11.6 11.1 13.5 3.63 57 1.26 14.2 108 7.6 8.6 7.6 0.0 24.0 296
Community West Bancshares Fresno, CA CWBC 3,612 80 0.20 8.3 9.5 14.1 4.07 62 0.97 ² 13.1 ² 158 13.5 ² 10.4 9.8 2.0 12.6 464
1) Core metrics as calculated by S&P Capital IQ Pro
2) Calculated using core net income for the quarters ended 12/31/2024 and 3/31/2025 and stated net income for the quarters ended 6/30/2025 and 9/30/2025 per Community West Bancshares earnings releases. All other values per S&P Capital IQ Pro
Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM")
Source: S&P Capital IQ Pro
9
12.The Section of the Joint Proxy Statement/Prospectus entitled "Analysis of Precedent Transactions" beginning on page 59 is hereby amended by deleting the table of Acquiror and Target names at the top of page 60 (the "Nationwide Precedent Transactions") and replacing it with the following:
Transaction Information Seller Financial Information
Price/ Core 1-Day
Deal LTM Tang. Dpt. Market Total LTM LTM TCE/ NPAs/
Annc. Value EPS Book Prem. Prem. Assets ROAA ROAE TA Assets
Acquiror Target Date ($M) (x) (%) (%) (%) ($M) (%) (%) (%) (%)
Enova International, Inc. (IL) Grasshopper Bancorp, Inc. (NY)¹ 12/11/25 387.9 NM 332 24.2 - 1,412 0.63 8.5 8.1 1.21
Home Bancshares, Inc. (AR) Mountain Commerce Bancorp, Inc. (TN) 12/08/25 154.1 13.8 107 1.1 7.3 1,803 0.62 8.0 7.9 0.58
Richmond Mutual Bancorporation, Inc. (IN) Farmers Bancorp (IN) 11/12/25 85.1 9.1 112 1.6 7.3 1,102 0.90 12.7 6.9 0.25
First Mid Bancshares, Inc. (IL) Two Rivers Financial Group, Inc. (IA) 10/30/25 92.6 10.6 110 0.9 21.6 1,189 0.74 8.3 7.3 1.30
Third Coast Bancshares, Inc. (TX) Keystone Bancshares, Inc. (TX)¹ 10/22/25 123.0 15.1 130 4.6 - 1,020 0.88 8.9 9.2 0.09
Farmers National Banc Corp. (OH) Middlefield Banc Corp. (OH) 10/22/25 292.7 13.9 160 7.0 26.6 1,979 1.11 9.9 9.4 1.51
HBT Financial, Inc. (IL) CNB Bank Shares, Inc. (IL) 10/20/25 170.2 10.5 120 4.0 15.7 1,847 0.90 11.0 6.7 0.31
Heritage Financial Corporation (WA) Olympic Bancorp, Inc. (WA) 09/25/25 176.6 24.4 151 4.9 - 1,693 0.51 5.8 8.4 0.01
Equity Bancshares, Inc. (KS) Frontier Holdings, LLC (NE)¹ 09/02/25 122.5 13.8 117 3.0 - 1,408 1.26 12.8 8.5 0.26
First Financial Bancorp. (OH) BankFinancial Corporation (IL) 08/11/25 141.7 NM 91 (1.3) 5.4 1,429 0.14 1.2 10.9 0.70
Bank First Corporation (WI) Centre 1 Bancorp, Inc. (WI) 07/18/25 174.0 28.6 231 8.3 - 1,534 0.51 7.0 6.2 0.28
Investar Holding Corporation (LA) Wichita Falls Bancshares, Inc. (TX)¹ 07/01/25 83.6 14.2 91 (1.1) - 1,594 0.62 6.1 9.2 0.39
NB Bancorp, Inc. (MA) Provident Bancorp, Inc. (MA) 06/05/25 211.7 NM 93 (2.1) 7.9 1,554 0.29 1.9 15.1 2.02
TowneBank (VA) Old Point Financial Corporation (VA) 04/03/25 202.1 20.2 175 7.3 32.4 1,451 0.68 8.8 8.0 0.16
MetroCity Bankshares, Inc. (GA) First IC Corporation (GA) 03/17/25 206.0 8.3 142 12.4 81.7 1,192 2.10 18.5 12.2 0.02
Old Second Bancorp, Inc. (IL) Bancorp Financial, Inc. (IL)¹ 02/25/25 196.5 NM 131 7.4 - 1,449 0.50 4.7 11.0 0.14
Glacier Bancorp, Inc. (MT) Bank of Idaho Holding Company (ID) 01/13/25 246.2 17.3 187 12.5 45.8 1,328 1.09 11.1 9.5 0.16
1) Bank level financial data shown
Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM")
Source: S&P Capital IQ Pro
10
13.The Section of the Joint Proxy Statement/Prospectus entitled "Net Present Value Analyses" beginning on page 60 is hereby amended by adding the following to the first paragraph thereunder as a new third sentence following the number 155% at the bottom of page 60:
Piper Sandler selected these price to earnings and tangible book value multiples based on Piper Sandler's review of, among other matters, the trading multiples of selected companies that Piper Sandler deemed to be comparable to USB.
14.The Section of the Joint Proxy Statement/Prospectus entitled "Net Present Value Analyses" beginning on page 60 is hereby amended by adding the following table after the Earnings Per Share Multiples chart (Annual Estimate Variance) at the bottom of page 61:
The following table describes the discount rate calculation for USB common stock prepared by Piper Sandler. In its normal course of business Piper Sandler employs the Kroll Cost of Capital Navigator in determining an appropriate discount rate in which the discount rate equals the sum of the risk free rate, the equity risk premium, the size premium and the industry premium.
Risk Free Rate
4.80%
20-year Treasury (as of December 15, 2025)
Equity Risk Premium
5.00%
Per Kroll Cost of Capital Navigator
Size Premium
2.66%
Per Kroll Cost of Capital Navigator
Industry Premium
(1.55)%
Per Kroll Cost of Capital Navigator
Discount Rate
10.91%
15.The Section of the Joint Proxy Statement/Prospectus entitled "Net Present Value Analyses" beginning on page 60 is hereby amended by adding the following as a new third sentence to the last full paragraph at the bottom of page 61 directly following the number 175%:
Piper Sandler selected these price to earnings and tangible book value multiples based on Piper Sandler's review of, among other matters, the trading multiples of selected companies that Piper Sandler deemed to be comparable to CWB.
16.The Section of the Joint Proxy Statement/Prospectus entitled "Net Present Value Analyses" beginning on page 60 is hereby amended by adding the following table after the Earnings Per Share Multiples chart (Annual Estimate Variance) at the bottom of page 62:
The following table describes the discount rate calculation for CWB common stock prepared by Piper Sandler. In its normal course of business Piper Sandler employs the Kroll Cost of Capital Navigator in determining an appropriate discount rate in which the discount rate equals the sum of the risk free rate, the equity risk premium, the size premium and the industry premium.
Risk Free Rate
4.80%
20-year Treasury (as of December 15, 2025)
Equity Risk Premium
5.00%
Per Kroll Cost of Capital Navigator
Size Premium
2.66%
Per Kroll Cost of Capital Navigator
Industry Premium
(1.55)%
Per Kroll Cost of Capital Navigator
Discount Rate
10.91%
17.The Section of the Joint Proxy Statement/Prospectus entitled "Pro Forma Transaction Analysis" beginning on page 62 is hereby amended by adding the following as a new second to last sentence thereof:
For more information about certain of the assumptions provided by CWB for use in Piper Sandler's pro forma analysis, see the Investor Presentation filed by CWB as an exhibit to its Current Report on Form 8-K filed with the SEC on December 17, 2025, which is incorporated by reference herein.
11
18.The Section of the Joint Proxy Statement/Prospectus entitled "Pro Forma Transaction Analysis" beginning on page 62 is hereby amended by adding the following table directly following the first paragraph thereunder at the top of page 63:
The following table describes estimated earnings per share and tangible book value accretion and dilution metrics for CWB as indicated in the analysis:
Closing
2026E 2027E 2028E 2029E
EPS Accretion/(Dilution)
10.2% 19.1% 18.0% 16.4%
TBVPS Accretion / (Dilution)
(9.5)% (7.4)% (3.4)% (0.2)% 2.2%
United Security Bancshares published this content on March 20, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 20, 2026 at 20:57 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]