<PAGE>
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
<PAGE>
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
<PAGE>
<TABLE>
<S> <C> <C>
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
- ------------------------------------------------------------
- -----------
</TABLE>
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.
