Community West Bancshares Completes Merger With United Security Bancshares, Creating a Stronger Community Bank in Central California

The Board of Directors of Community West Bancshares (NASDAQ: CWBC, or the ”Company”), the parent company of Community West Bank announced today the successful completion of the previously announced merger, in which United Security Bancshares (NASDAQ: UBFO), the parent company of United Security Bank, merged with and into Community West Bancshares, with Community West Bancshares as the surviving company, and United Security Bank merged with and into Community West Bank, with Community West Bank as the surviving bank, in an all-stock transaction. Shareholders of both companies approved the merger at special meetings held on March 30, 2026. The merger follows the receipt of all required regulatory approvals and satisfaction of customary closing conditions.

Pursuant to the terms of the merger agreement, United Security Bancshares shareholders received 0.4520 shares of Community West Bancshares common stock for each share of United Security Bancshares common stock. Based on the closing price of Community West Bancshares common stock of $23.30 per share on March 31, 2026, the value of the merger consideration was approximately $185.5 million, or $10.53 per United Security Bancshares common share.

The merger combines two relationship-focused community banks with a shared commitment to serving Central California’s businesses, families, and communities. The combined organization expands Community West Bank’s presence throughout Greater Sacramento, the San Joaquin Valley, and the Central Coast.

As of the close of the transaction, the combined company, Community West Bancshares, is a Central California-based community bank with approximately $5 billion in total assets. It retains the banking offices of both banks, including full-service Banking Centers throughout Central California, located in 13 counties and serving 31 unique communities.

The resulting company’s Board of Directors consists of fourteen directors: twelve from Community West Bancshares and two from United Security Bancshares. James J. Kim serves as CEO and President of the combined Company and Bank, Daniel J. Doyle serves as Chairman of the Board, Jagroop “Jay” Gill, serves as Vice Chairman, and Andriana D. Majarian serves as Lead Independent Director.

Dennis R. Woods, previously Chairman of the Board, President and CEO for United Security Bancshares and United Security Bank joins Community West Bank as Chairman Emeritus, with an ongoing focus on key client retention.