<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): March
30, 2000
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.
United Security Bancorporation (USBN) announced that Richard
C. Emery notified the Board of Directors of his intention to
retire as President and CEO of USBN effective June 1, 2000.
Emery will complete his terms on the Boards of the holding
company and individual subsidiary banks through USBN's May
23 annual meeting, but will not stand for re-election. Wes
Colley, President and CEO of USBN's AmericanWest Bank
subsidiary, was named to succeed Emery as President and CEO.
1
<PAGE>
EXHIBIT INDEX
Exhibit No. Title
- ----------- -----
99. Press release dated March 30, 2000,
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: April 3, 2000
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: Keith P. Sattler,
Chairman
2605 WESTERN AVE. (509) 786-2404
SEATTLE, WA 98121 Richard C. Emery,
President & CEO
(206) 448-1996 (509) 467-6949
NEWS RELEASE Wes Colley,
AmericanWest Bank
(509) 527-3800
- ------------------------------------------------------------
- -----------
</TABLE>
RICHARD C. EMERY TO RETIRE FROM UNITED SECURITY BANCORP
WES COLLEY ELECTED BANCORP PRESIDENT & CEO
SPOKANE, WA-March 30, 2000-United Security Bancorporation
(Nasdaq: USBN) today announced that Richard C. Emery has
notified the Board of Directors of his intention to retire
as President & CEO of the Bancorporation, effective June 1,
2000. Emery will complete his terms on the Boards of the
holding company and individual subsidiary banks through the
company's May 23 annual meeting, but will not stand for re-
election. Each of the USBN's subsidiaries has separate
Presidents and Boards.
"Rich has contributed a great deal to United Security's
expansion and we will miss him. He has helped us build a
strong company that is well positioned to move forward for
long-term growth." Noted Keith Sattler, Chairman. "We
appreciate his willingness to help us through this
transition period and wish him well in retirement."
Emery joined USBN in November 1997 and was named President
and CEO of the holding company in July 1998. He previously
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 in July
1996.
Wes Colley, President & CEO of USBN's American West Bank
subsidiary, was named to succeed Emery as President & CEO of
the fast-growing Central and Eastern Washington/Northern
Idaho bank holding company. Colley was the founder of Walla
Walla's Bank of the West, which was acquired by USBN in
February 1999 and renamed AmericanWest Bank late last year.
Through that process, he became USBN's largest individual
shareholder.
"Wes and I have been friends for many years and I believe
he will provide fine leadership for the holding company,"
Emery said. "He built a highly profitable, high quality
organization at his bank in Walla Walla and we expect that
he can repeat that success on a larger scale. I have great
respect for all the people of USBN and am happy to be
leaving it in such capable hands."
"My first priority will be to continue and expand Rich's
efforts of improving profitability and efficiency by
reducing expenses and increasing revenues" Colley noted.
"We intend to retain the individual identities of our
community bank subsidiaries while consolidating as many back
office operations-loan servicing, computers, accounting-as
possible in order to achieve better economies of scale.
Rich has agreed to assist me in this transition and I look
forward to using his extensive knowledge and experience."
Colley and his family expect to move to the Spokane area in
April.
Founded in 1983, United Security Bancorporation has grown
aggressively since going public in May 1995. At that time,
the company had 10 branches, $185 million in total assets,
$131 million in loans and $159 million in deposits. Fueled
by mergers, acquisitions and internal
<PAGE>
growth, by December 31, 1999 USBN's assets had grown to $528
million, loans increased to $415 million, and deposits grew
to $451 million. Since its acquisition of five Wells Fargo
Bank branches in 1997, USBN has expanded to a holding
company of five community commercial banks with 37 branches-
35 in Central and Eastern Washington and two in Idaho. Its
five banking subsidiaries include United Security Bank
(based in Spokane), Home Security Bank (based in Sunnyside),
Bank of Pullman (based in Moscow, ID), Grant National Bank
(based in Ephrata), and AmericanWest Bank (based in Walla
Walla). USBN also provides full-line insurance services.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: Statements in this news
release looking forward in time involve risk and
uncertainties, including a smooth Board transition, the
effect of changing economic conditions, and other risk
factors detailed in the Company's Securities and Exchange
Commission filings.
Note: Transmitted on Business Wire at 2:32 p.m., March 30,
2000.
