<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): June
3, 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 4. Changes in Registrant's Certifying
Accountant.
On June 3, 1997, the United Securities Bancorporation Board
of Directors Audit Committee selected Moss Adams LLP as its
independent auditing firm and new independent accountant,
effective immediately. For further information the press
release issued on June 6, 1997 announcing the selection of
Moss Adams is incorporated by reference as Exhibit 99.
99. Press release dated June 6, 1997, issued by United
Security
Bancorporation.
1
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EXHIBIT INDEX
Exhibit No. Title
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99. Press release dated June 6, 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: June 10, 1997
UNITED SECURITY BANCORPORATION
By: /s/ Chad Galloway
------------------------------
Name: Chad Galloway
Title: Vice President and
Chief Financial Officer
2
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<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) 467-6949
(206) 448-1996
NEWS RELEASE
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UNITED SECURITY BANCORPORATION SELECTS MOSS ADAMS AS
AUDIT FIRM
SPOKANE, WA--June 6,1997--United Security Bancorporation
(NASDAQ:USBN)
today announced it has selected Moss Adams LLP as its
independent auditing firm and business advisors, effective
immediately.
"Stepping up the professionalism of our auditing team to
the high standards of Moss Adams is consistent with United
Security's long-term marketing and growth plans," noted
President and Chief Executive Officer, William C. Dashiell.
"We conducted a thorough search before selecting Moss
Adams for this important role," he noted. "Interviews were
conducted with nearly all the `Big Six' accounting firms, as
well as several smaller firms, to determine where we would
obtain the best possible counsel. The Board Audit Committee
made the decision to select Moss Adams." USBN's previous
auditor was McFarland & Alton, P.S., of Spokane.
"Moss Adams currently services over 40 financial
institutions in Washington and Oregon, and is well-known for
its expertise in this field," Dashiell added. "We
anticipate drawing on the resources of their network of
skilled practitioners who are dedicated exclusively to the
financial services industry."
United Security Bancorporation is a multi-bank holding
company that currently owns two banks (United Security Bank
and Home Security Bank) with banking facilities in ten
central and eastern Washington communities. At March 31,
USBN had total assets of $235.4 million, total deposits of
$201 million, and loans of $175.4 million. Shareholder
equity was $28.9 million. Return on average assets was
1.71% and return on average equity was 13.90%.
USBN recently announced two planned acquisitions (The
Wheatland Bank, headquartered in Davenport, WA, and five
former branches of Wells Fargo), which will double it number
of branch locations to 20. Both transactions are expected
to be completed in the third quarter of 1997, subject to
regulatory approval. 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 3:00 a.m. PDT, June 6,
1997.
