USBI Share repurchase program 2013 : United Security Bancshares, Inc. ("USBI"), a Delaware corporation based in Thomasville, Alabama, announced that its Board of Directors has extended USBI's existing share repurchase program pursuant to which USBI may repurchase up to 642,785 shares of its common stock.
According to a release, the repurchase program, which was originally approved by the USBI Board of Directors on January 19, 2006, has been extended to expire on December 31, 2013. To date, USBI has repurchased approximately 400,482 shares of common stock under the share repurchase program. Share repurchases under the repurchase program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate in accordance with regulatory requirements. The repurchase program does not obligate USBI to acquire any particular number of shares and may be suspended at any time at USBI's discretion.
United Security Bancshares, Inc. is a bank holding company that operates nineteen banking offices in Alabama through First United Security Bank. In addition, the Company's operations include Acceptance Loan Company, Inc., a consumer loan company, and FUSB Reinsurance, Inc., an underwriter of credit life and credit accident and health insurance policies sold to the bank's and ALC's consumer loan customers.