United Security Bancshares, Inc. (Nasdaq: USBI) announced a quarterly cash dividend of $0.04 per share. The dividend is payable April 1, 2011, to shareholders of record on March 11, 2011. The dividend was reduced from $0.11 per share paid in the most recent quarter.
R. Terry Phillips, President and CEO, said "Over the past year, our earnings have been below historical levels due to the negative impact associated with non-performing loans, foreclosed properties and provision for loan losses, all of which were primarily caused by a continued weak economy and steadily declining real estate values. Our Board believes the reduction in the cash dividend reflects our plans to protect our capital from further adverse effects resulting from the current economic environment.”
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