United Security May Buy Back Stock

United Security Bancorporation could repurchase as much as 10 percent of its outstanding shares over the next year, the Spokane-based holding company said Thursday.

Company directors authorized the buyback of up to 732,000 shares, depending on market conditions and price. United Security has 7.3 million shares outstanding, following a repurchase of about 385,000 shares in the first quarter of this year.

“Our stock price has been under the same pressure that countless community banks have faced over the last couple of years, and we consider our stock to be an attractive investment,” President Wes Colley said in a statement. “We expect our growth to continue, and perhaps Wall Street’s attention will return to our sector now that interest rates appear to be leveling off.”

United Security shares have fallen from a 52-week high of $15 to a recent low of $9.12. The shares closed Thursday at $9.62.

As of March 31, 2000, United Security had $533 million in total assets and $61 million of shareholders’ equity.

United Security has five banking subsidiaries operating 37 branches in Washington and Idaho.