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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): June
2, 1998
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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UNITED SECURITY BANCORPORATION
Item 5. Other Events
On June 2, 1998, at its annual meeting United Security
Bancorporation told shareholders that its Board of Directors
has elected Richard C. Emery as Chief Executive Officer of
the bank holding company, effective July 1, 1998. Emery
joined the company as President and Chief Operating Officer
on November 3, 1997. He succeeds William C. ("Bud")
Dashiell, who is retiring as USBN's long-time Chief
Executive Officer. Dashiell will continue as Chairman of
the Board.
Item 7. Financial Statements and Exhibits
(a) Financial statements - not applicable
(b) Pro forma financial information - not applicable
(c) Exhibits:
(99) Press release issued by United Security
Bancorporation,
dated June 2, 1998
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 3, 1998
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: Richard C. Emery
2605 WESTERN AVE. President & CEO
SEATTLE, WA 98121 (509) 467-6949
(206) 448-1996
NEWS RELEASE
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UNITED SECURITY NAMES RICHARD EMERY CHIEF EXECUTIVE OFFICER;
BUD DASHIELL TO REMAIN CHAIRMAN OF THE BOARD
SPOKANE, WA--June 2,1998--United Security Bancorporation
(NASDAQ:USBN)
told shareholders at tonight's annual meeting that its Board
of Directors has elected Richard C. Emery as Chief Executive
Officer of the bank holding company, effective July 1. He
joined the company as President and Chief Operating Officer
on November 3, 1997.
Emery succeeds William C. ("Bud") Dashiell, who is
retiring as USBN's long-time Chief Executive Officer,
effective June 30. Dashiell will continue as Chairman of
the Board.
"Rich's move into the CEO position achieves the management
transition strategy that we first announced at last year's
annual meeting." Dashiell noted. "He has brought a superb
combination of skills to USBN and I am confident our company
is guided by strong and reasoned management. Since his
arrival at our company, he has shaped a unified team with
the presidents of our three current bank subsidiaries--Duane
Brandenburg at United Security Bank, Bill Edom at Home
Security Bank, and Gary Schell at Bank of Pullman.
"As former President and CEO of Pacific One Bank, NA, Rich
has raised capital and built a new bank from inception,
orchestrated mergers and acquisitions, developed new
branches, and is grounded in all aspects of community
commercial banking," Dashiell added.
Emery served as President and CEO of Pacific One Bank,
Kennewick, Washington, and its predecessor, American
National Bank, from its founding in 1981 until joining USBN.
American National was acquired by First Hawaiian Corporation
(NASDAQ:FHWN) in July 1996 and changed its name to Pacific
One Bank later that year. Previously, Emery held various
positions with Farmers and Merchants Bank and Old National
Bank of Washington-both in Spokane.
"Bud Dashiell is the Dean of Eastern Washington's banking
industry," Emery noted. "His accomplishments in building a
strong, vibrant community banking franchise are legendary.
Under his guidance, United Security has become widely known
for its banking innovations and dedication to customer
service. He has been a superb mentor and we are delighted
he will continue as USBN Chair, although we will miss the
daily wit and wisdom for which he is famous."
Dashiell has been President and Chief Executive Officer of
USBN since the holding company's formation in 1985. He has
served as President and Chairman of its various bank,
insurance, leasing, and mortgage company subsidiaries
beginning in 1974, when he founded United Security Bank's
first location in Chewelah, Washington, northeast of
Spokane. He has been involved in all aspects of the banking
industry in Central and Eastern Washington for the past 37
years.
In 1989, Dashiell was the first President of the
Washington Independent Community Bankers Association and
served on its board several years. He also has served on
the Washington Bankers Association Board and on the Bank
Services Committee for Independent Bankers of
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UNITED SECURITY BANCORPORATION
America Association.
United Security Bancorporation has grown aggressively
during the past several years. Following the October 1997
acquisition of Bank of Pullman and building two de novo
branches near Spokane, USBN currently has 24 branch offices-
23 in Central and Eastern Washington and one in Moscow,
Idaho.
USBN's acquisition of Grant National Bank, with branches
in Moses Lake and Ephrata, Washington, is still pending and
will close in the third quarter of this year. Grant
National had approximately $33 million in total assets, $30
million in deposits and $21 million in loans at its December
1997 year-end.
Fueled by 1997's acquisitions and internal growth, United
Security reported assets gained 47% to $346.9 million and
deposits surged 50% to $301.1 million at March 31, 1998,
compared to the year before. Net interest income, after
provision for loan losses, gained 38% to $4.2 million in the
first quarter of 1998 while noninterest income nearly
doubled to $1.2 million, including a large property sale.
The loan portfolio increased 36% to $241.5 million while
shareholder equity grew 20% to $34.5 million. United
Security Bancorporation's book value per share rose to
$8.52.
United Security Bancorporation is a multi-bank holding
company. Its three current banking subsidiaries include
United Security (based in Spokane), Home Security (based in
Yakima Valley) and Bank of Pullman (based in Pullman, near
the Idaho border). USBN now has 24 branch offices-23 in
central and eastern Washington and one in Idaho. In
addition, the company owns USB Insurance, a full-line
insurance agency, USB Mortgage, a mortgage company, and USB
Leasing, a commercial leasing company.
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