Dora Westerlund
About Dora Westerlund
Independent director at United Security Bancshares since 2021; age 53 (as of 2025). President and CEO of the Fresno Area Hispanic Foundation, with 27 years of service to the Central Valley business community; alumna of California State University, Fresno. Board tenure: nominated annually; affirmed independent by the Board under NASDAQ standards. Core credentials: community leadership, bilingual business incubator founder, micro-loan program oversight, rural economic development focus .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fresno Area Hispanic Foundation | President & CEO | 27 years serving the Central Valley business community | Established the only bilingual business incubator in the western U.S.; led micro-loan program for 12 years; promoted rural business growth |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| California State University, Fresno | Board of Governors | Not disclosed | University governance; strong local ties |
| Fresno Area Hispanic Foundation | President & CEO | 27 years | Non-profit leadership; bilingual incubator; micro-loan program |
Board Governance
- Committee assignments: Member, Corporate Governance/Nominating Committee (independent-only committee); members in 2025 were Ellithorpe, Hammack, Tkacz, Westerlund; in 2024 the committee included Ellithorpe, Hammack, Tkacz, Westerlund .
- Chair roles: None disclosed for Westerlund; Audit Chair is Susan Quigley; Compensation Committee members were Hammack and Tkacz (Tkacz, Chair) .
- Independence: Board affirmed eight of ten nominees (including Westerlund) were independent in 2025; exceptions were CEO Dennis Woods and Nabeel Mahmood due to a 2022 consulting engagement .
- Attendance and engagement: In 2024 the Board held nine meetings; except for Jay Gill who missed four, no director attended less than 75% of Board and applicable committee meetings; lead independent director (Ken Newby) led nine executive sessions in 2024 . In 2023 the Board held 11 meetings; no director attended less than 75%; 11 executive sessions led by the Lead Director .
- Board leadership: Combined Chair/CEO role (Dennis Woods); Lead Independent Director is Ken Newby; independent-only executive sessions held regularly .
Fixed Compensation
Director compensation structure: paid 50/50 cash and stock awards; monthly Board fee $1,610 per director; Chair adds $345 per month; Lead Director adds $230 per month. Committee meeting fees: $230 (Executive), $288 (Governance, ALCO, 401(k)), $403 (Audit, Compensation, IT, Loan); committee chairs receive $575 per meeting (Audit, Compensation, Governance, IT) and $403 (401(k)). Director fees are calculated and paid based on expected meeting counts; non-employee directors may receive stock awards/options; no outstanding non-employee director stock awards at 12/31/2024 .
| Year | Fees Earned/Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2023 | $23,133 | $32,777 | $55,910 |
| 2024 | $21,555 | $22,531 | $44,086 |
Notes: Board members received 50% of 2024 monthly director fees via stock awards on Feb 27, Jun 25, Sep 24, and Dec 17, at fair market value on vesting dates .
Performance Compensation
| Component | Metrics | Payout Basis | Disclosure |
|---|---|---|---|
| Director equity/fees | None disclosed for directors (director pay is meeting/role-based cash and time-based stock awards) | N/A | Director compensation described as fees and stock awards; no performance metric framework for directors |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Public company boards | None; “No director serves as a director of any company that has a class of securities registered” (as of 2025/2024) . |
| Non-profit/academic | CSU Fresno Board of Governors; President & CEO of Fresno Area Hispanic Foundation . |
| Interlocks with competitors/suppliers/customers | Not disclosed; no specific related-party transactions involving Westerlund identified . |
Expertise & Qualifications
- Community economic development executive; founded bilingual business incubator; leads micro-loan program; focus on rural America; CSU Fresno governance role; CSU Fresno alumna .
- Skills relevant to UBFO: community outreach, local business ecosystem development, small business financing via micro-loans .
Equity Ownership
| As of | Beneficial Ownership (Shares) | Percent of Class | Notes |
|---|---|---|---|
| Mar 1, 2024 | 10,904 | 0.1% | Shared voting/investment power . |
| Mar 1, 2025 | 25,369 | 0.2% | Shared voting/investment power; 9,000 stock options exercisable within 60 days . |
Pledging/hedging: No pledging disclosures found; company maintains insider trading policy with blackout periods and prohibits trading on MNPI .
Governance Assessment
- Strengths: Westerlund is independent, with consistent attendance and service on an independent-only Governance/Nominating Committee; Board holds regular executive sessions led by a Lead Independent Director; say-on-pay passed in 2025 (8,466,778 For; 573,175 Against; 126,851 Abstain), suggesting shareholder support for compensation oversight .
- Concerns/RED FLAGS: Combined Chair/CEO role concentrates power—a governance negative for some investors . Limited disclosure of director-specific performance metrics (director pay is largely fixed/meeting-based, not performance-contingent) . Equity Incentive Plan was disclosed and stated as approved in 2025 8-K, while the authorized share increase failed—monitor plan usage and dilution; proposal to increase authorized shares to 50M did not pass (majority of outstanding required) .
- Related-party transactions: Bank engages in ordinary-course banking (including loans) with related parties at market terms; no unfavorable features disclosed; no specific related-party transactions involving Westerlund identified .
- Independence affirmed: Board annually reviews relationships; Westerlund determined independent in 2024 and 2025 .
- Shareholder votes (2025 Annual Meeting): All 10 nominees elected; 2025 Equity Incentive Award Plan approved; amendment to increase authorized shares not approved; auditor ratified; say-on-pay approved .