Unity Bank Named to Piper Sandler Sm-All Stars Class of 2023
Unity is One of Only 31 Banks Nationally Recognized
CLINTON, N.J., November 15, 2023 – Unity Bancorp, Inc. (Nasdaq: UNTY), the parent company of Unity Bank, has been named to the prestigious Piper Sandler Sm-All Stars Class of 2023. Unity was one of only 31 publicly traded banks and thrifts to be recognized by the global investment banking firm on its annual list of top performing U.S. small-cap banks and thrifts.
“We hope to uncover the next crop of stellar mid-cap banks before they are discovered by the rest of the world,” Piper Sandler (NYSE: PIPR) announced. “While other factors, such as valuation and risk, should be used in making investment decisions, we believe that the Sm-All Stars approach represents a valid starting point in identifying high quality small-cap companies.”
The investment banking firm evaluated approximately 350 publicly-traded banks and thrifts across the country. To earn Sm-All Star status, companies were required to have a market cap below $2.5 billion as of September 15, 2023, while out-performing the asset category in four metrics—growth, profitability, credit quality, and capital strength.
“We are honored to be named a Piper Sandler Sm-All Star because the designation illustrates the continuing financial strength of the bank,” said Unity Bank President & CEO James A. Hughes. “Unity Bank is a conservatively managed, well-funded community bank that is ideally positioned to continue to serve business owners and individuals in our market footprint. The future is bright as well because we are investing in the bank’s growth by opening new branches, expanding our service area and delivering shareholder value while providing opportunities for employees to advance their careers.”
Piper Sandler evaluated companies based on seven financial variables, including growth trends in earnings per share (EPS), loans, and deposits, and average return on equity (ROAE); ratio of nonperforming assets to loans and other real estate owned; ratio of net charge offs to average loans; and ratio of tangible common equity to tangible assets.
For more information, please visit pipersandler.com.
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