SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 22, 1997 United Security Bancorporation (Exact Name of Registrant as Specified in Charter) Washington 0-18561 91-1259511 ---------- ------- ---------- (State or other jurisdiction (Commission (IRS Employer Identi- of incorporation) File Number) fication Number) 9506 North Newport Highway, Spokane, Washington 99218- 1200 ----------------------------------------------------- - ----- (Address of principal executive offices/Zip Code) Registrant's telephone number, including area code: (509) 467-6949 --------------------------------------------------------- - ---------- Item 5. Other Events United Security Bancorporation announced that it has received an insurance settlement of $637,000. In a Form 8-K filed on April 4, 1997 it announced that 1996 earnings had been adjusted for an embezzlement at its subsidiary, Home Security Bank. The $860,000 loss recorded for 1996 was the than identified principal and interest due to the embezzlement. The insurance settlement is a total recovery of the principal loss, less a $50,000 deductible. The press release is incorporated by reference as Exhibit 99. 99. Press release dated July 22, 1997, issued by United Security Bancorporation. 1 EXHIBIT INDEX Exhibit No. Title - ----------- ----- 99. Press release dated July 22, 1997, issued by United Security Bancorporation SIGNATURES Pursuant to the requirements of the Security Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: July 24, 1997 UNITED SECURITY BANCORPORATION By: /s/ Chad Galloway ------------------------------ Name: Chad Galloway Title: Vice President and Chief Financial Officer 2