WASHINGTON, March 25 The Federal Reserve on
Thursday ordered United Security Bancshares (UBFO.O), the
parent of United Security Bank, to halt payment of dividends
and to submit a plan to meet capital adequacy guidelines.
In a written order between the Federal Reserve Bank of San
Francisco and United Security Bancshares, the Fed said the bank
could not pay any dividends or make any other payments that
would reduce the bank's capital without the Fed's consent.
The bank will also have 60 days to submit a plan to improve
its capital base, taking into account allowances for loan and
lease losses, concentration of credit, and projected retained
earnings, the Fed said.
United Security Bancshares is based in Fresno, Calif.
(Reporting by Nancy Waitz, Editing by Chizu Nomiyama)