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 earliest event reported: December 1, 1998
UNITED SECURITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Alabama 0-14549 63-0843362
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
131 West Front Street
Post Office Box 249
Thomasville, AL 36784
(Address of principal executive offices)
Registrant's telephone number,
including area code:
(334) 636-5424
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Item 5. OTHER EVENTS
On December 1, 1998, the Registrant offered the position of President
and Chief Executive Officer to Mr. Richard Terry Phillips, and Mr. Phillips
accepted the offer. Mr. Phillips will assume the position of President and
Chief Executive Officer of the Registrant on January 1, 1999, pursuant to an
employment contract to be agreed upon not later than that date. Mr. Phillips'
terms of employment include a starting annual salary of $185,000, a one-time
signing bonus of $25,000, a proposed grant of an option to purchase 2,050
shares of the Registrant's common stock at market value, and other terms to
be agreed upon.
Mr. Phillips, 44, is currently the Chief Executive Officer of First
Community Bank in Chatom, Alabama.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunder duly authorized.
UNITED SECURITY BANCSHARES, INC.
BY: /s/ Larry M. Sellers
Secretary
