Edwin Berrios

United Security Bancshares: Growth Opportunities Abound For This Small Community Bank - Shares Have Significant Upside

Note: Whenever possible, I incorporated the latest information available from the 10/17/2013 earnings release (Q3) in the analysis. Since the Company usually files its form 10-Q with the SEC one month after its earnings release, some information (especially in the tables included) will be as of the second quarter ended on 6/30/2013.

United Security Bancshares (UBFO or "the Company") is the bank holding company for United Security Bank ("the Bank"). With a market capitalization of approximately $76 million, its operations consist of eleven full-service branches; a construction, commercial and consumer lending center and a financial services center spread throughout the Fresno, Kern, Madera and Santa Clara counties in California. As of September 30, 2013, the...

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