Community West Bancshares to acquire United Security Bancshares in all-stock deal valued at $191.9M

Community West Bancshares

Exchange ratio: 0.4520 CWBC shares per UBFO share; implied price ~$10.88/share based on CWBC close of $24.06 on Dec 16, 2025.
Combined pro forma assets ~$5B; UBFO shareholders to own ~29.4% of combined entity; CWBC shareholders ~70.6%.
Transaction expected to close in Q2 2026, subject to regulatory and shareholder approvals from both companies.
Two UBFO directors (including Jagroop "Jay" Gill) to join CWBC board; Dennis Woods to serve as Chairman Emeritus for two years.
Termination fee of $7.7M payable by UBFO under certain circumstances; voting support agreements executed by directors and officers.

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