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BauerFinancial Rating Confirms Unity Bank’s Strength in Available Capital, Profitability and Asset Quality
Read Story: Unity Earns Top 5-Star Rating
CLINTON, N.J., Feb. 16, 2023 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced that its Board of Directors has declared a cash dividend of $0.12 per common share. Such dividend is payable on March 24, 2023, to shareholders of record as of March 10, 2023.
Read Story: Unity Declares Cash Dividend
FORT LEE, N.J. (February 6, 2023) – Unity Bank has opened a new full service branch in Fort Lee, increasing its service footprint to 20 branches and enhancing its retail presence in Bergen County. The new branch is located at 899 Palisade Avenue at the intersection with Columbia Avenue.
Read Story: Unity Opens Fort Lee Branch
Unity Bancorp Reports Quarterly Earnings of $10.0 Million and Full Year Earnings of $38.5 Million
James A. Hughes, President and CEO, commented on the financial results:
“It is with great pleasure that we announce another record year for Unity Bancorp, Inc. For the quarter, we
realized $10.0 million of net income, or $0.93 per diluted share. For the year, we generated $38.5 million of net
income, or $3.59 per diluted share. In the fourth quarter, the FDIC and NJDOBI terminated the BSA Consent Order, to which Unity Bank had been subject. As a result, we are eager to resume our geographic expansion, specifically in Bergen, Ocean, and Morris counties, New Jersey. Throughout 2022, the Federal Reserve has increased interest rates at an unprecedented velocity, which has resulted in an inverted yield curve. This will likely pose turbulence for our customers and the banking industry in 2023. We will continue to monitor our balance sheet composition and as necessary, adjust course swiftly to manage market and credit risk, and meanwhile continue to deliver best in class customer service.”
Read Story: Unity Reports Quarterly & Full Year Earnings
Unity Bank Donates $30,400 to Food Pantries in NJ and Lehigh Valley
Food Banks in Bergen, Hunterdon, Middlesex, Ocean, Somerset, Union and Warren Counties in N.J. & Northampton County, Pa. Receive Support
CLINTON, N.J. (January 3, 2022) – Unity Bank and its employees have donated $30,400 to 19 food pantries in New Jersey and Lehigh Valley, Pennsylvania. The funds were contributed by Unity Bank employees and matched by the bank as part of an annual holiday community service project that was started more than 10 years ago.
Read Story: Unity Bank Donates $30,400
Unity Bank Opens Lakewood Branch, Plans New Fort Lee Branch
Unity Bank Addresses Ocean County’s Growing Need for Financial Services
LAKEWOOD, N.J. (December 6, 2022) – Unity Bank has opened a new full service branch in Lakewood at 1255 Route 70, expanding its branch network to Ocean County and the state’s fastest growing municipality. Unity also plans to open a Fort Lee branch in January, expanding the bank’s footprint in Bergen County.
Read Story: Unity Opens in Lakewood
CLINTON, N.J. (November 18, 2022) – Unity Bank recently raised a record $8,500 for Family Promise of Hunterdon County and Family Promise of Warren County through the 16th Annual Cruisin’ Bob’s Classic Car Show held at the bank’s Clinton headquarters. The bank donates all proceeds from the car show to the non-profits, in addition to donating volunteer time to coordinate the event.
Read Story: Unity Car Show Raises $8,500
CLINTON, N.J., Nov. 17, 2022 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced that its Board of Directors has declared a cash dividend of $0.11 per common share. Such dividend is payable on December 30, 2022, to shareholders of record as of December 16, 2022.
CLINTON, N.J. (Oct. 20, 2022) – Banking industry veteran Ryan Peene has joined Unity Bank as Senior Vice President/Chief Depository Officer (CDO), bringing extensive financial services industry leadership experience to the community bank. Peene leads the development and execution of Unity’s retail banking operations and is responsible for the growth and retention of municipal deposit relationships.
Read Story: Ryan Peene Joins Unity Bank
James A. Hughes, President and CEO, commented on the financial results: “We are extremely pleased to announce another record-breaking quarter for Unity Bancorp, where we generated $9.9 million of net income, or $0.93 per diluted share. Steady growth in our loan and deposit franchises continue to drive robust core banking earnings, resulting in an impressive 1.85% ROA and 17.39% ROE. We attribute this success to our valued customer base and our employees’ ability to deliver top-notch financial services to the communities that we serve. While the prospective macro-economic trends are deteriorating given the significant increase in interest rates, we are actively moving to a defensive position to manage our credit exposure.”
Read Story: Unity Reports Earnings of $9.9 Million
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