United Security Plans Stock Dividend

United Security Bancorporation shareholders of record Aug. 9 will receive a 10 percent stock dividend, the Spokane-based bank holding company announced Tuesday.

The distribution will bring the total number of shares outstanding to about 3 million.

Chairman Bud Dashiell said the dividend will increase stockholder return and liquidity.

“Our loan portfolio has increased nearly 32 percent over the past 12 months while net interest income in the first quarter of 1995 was 22 percent higher than last year’s first quarter,” he said. “We believe in sharing our success with our shareholders.”

United, owner of United Security Bank in Spokane and Home Security Bank in Sunnyside, went public in May.

Assets are about $167.9 million.

, DataTimes