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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):
October 20, 1997
United Security Bancorporation
(Exact Name of Registrant as Specified in Charter)
Washington 0-18561 91-1259511
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(State or other jurisdiction (Commission (IRS
Employer Identi-
of incorporation) File Number) fication
Number)
9506 North Newport Highway, Spokane, Washington 99218-
1200
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(Address of principal executive offices/Zip
Code)
Registrant's telephone number, including area code:
(509) 467-6949
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Item 5. Other Events
United Security Bancorporation announced it has completed
its acquisition of Bank of Pullman and its parent Community
Ban Corporation. The news release of October 21, 1997 is
included as an exhibit.
99. Press release dated October 21, 1997, issued by
United Security
Bancorporation.
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EXHIBIT INDEX
Exhibit No. Title
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99. Press release dated October 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: October 24, 1997
UNITED SECURITY BANCORPORATION
By: /s/ Chad Galloway
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Name: Chad Galloway
Title: Vice President and
Chief Financial Officer
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Len Cereghino & Co. CLIENT: UNITED SECURITY
BANCORPORATION
CORPORATE INVESTOR RELATIONS CONTACT: William C. Dashiell
2605 WESTERN AVE. President & CEO
SEATTLE, WA 98121 (509) 467-6949
(206) 448-1996 Gary E. Schell, Bank
of Pullman
NEWS RELEASE CEO, (509) 332-1561
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UNITED SECURITY AND THE WHEATLAND BANK TERMINATE
MERGER
SPOKANE, WA-October 21,1997-United Security Bancorporation
(NASDAQ:USBN) announced it has completed its acquisition of
Bank of Pullman and its parent Community Ban Corporation,
for a total consideration of approximately $11.96 million in
cash, effective at the close of business October 20. It
will be accounted for as a purchase.
Headquartered in Pullman, WA, the Bank will retain its own
name and operate as USBN's third banking subsidiary-joining
United Security Bank and Home Security Bank.
"Bank of Pullman has been one of the leading banks in its
region since 1970; it is an excellent addition to our
organization," said William C. Dashiell, President and CEO
of United Security Bancorporation. "Gary Schell, Pullman's
President, and his talented staff have extensive experience
and are welcome additions to our team."
Pullman is the commercial center for the Palouse, the prime
winter wheat growing region in Eastern Washington, and home
of Washington State University. The Bank's six Washington
offices serve an area adjacent to the Idaho State border and
approximately 80 miles south of Spokane. None of its
branches in Pullman, Colton, Palouse, and Uniontown overlap
the existing 15 branches in United Security Bancorporation's
system.
"Bank of Pullman will play a key role in our growth beyond
central and eastern Washington," Dashiell noted. "The Bank
recently opened a branch in Moscow, Idaho, which is ten
miles east of Pullman and home of the University of Idaho.
This is the first Idaho branch after receiving regulatory
approval to become an Idaho state-chartered bank.
"With the completion of this acquisition, United Security
Bancorporation would have had 22 branches and approximately
$340 million in assets at September 30," Dashiell added.
"We will report third quarter results before month end; but
they will not include Bank of Pullman figures because the
merger closed after the end of the quarter." Bank of
Pullman had approximately $50.9 million in deposits, $34.1
million in loans and $7.0 million in equity at June 30,
1997.
State-chartered Bank of Pullman focuses on a balanced
program of agriculture, business and commercial, and real
estate lending. United Security Bancorporation is a multi-
bank holding company. Its United Security Bank subsidiary
serves customers in northeastern Washington, while Home
Security Bank's branch offices are located in Central
Washington and the Yakima Valley. In addition the company
owns USB Insurance, a full-line insurance agency, USB
Mortgage, a mortgage company, and USB Leasing, a commercial
leasing company.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: Statements in this news
release looking forward in time involve risks and
uncertainties, including shareholder and regulatory
approval, completion of the due diligence process, success
of acquiring new locations and integrating newly-acquired
branches, additional expansion opportunities, changes in the
regulatory environment in Idaho regarding interstate
banking, and other risk factors detailed in the company's
Securities and Exchange Commission filings.
