Unity Bank Purchases Three of its Branch Locations
CLINTON, N.J., April 23, 2013
CLINTON, N.J., April 23, 2013 /PRNewswire/ --Unity Bancorp, Inc. (NASDAQ:
UNTY): Unity Bank, a subsidiary of Unity Bancorp, Inc., entered into an
agreement with Gramercy Capital Corp., an unaffiliated third party, to
purchase three of its currently leased branch locations for $4.325 million.
The three purchased properties are located at 1746 Oak Tree Road, Edison, NJ
08820, 104 Raritan Avenue, Highland Park, NJ 08904 and 2426 Plainfield Avenue,
South Plainfield, NJ 07080. The settlement occurred on April 17, 2013.
"We are pleased to be the proud owners of three of our prime locations," said
James A Hughes, President and CEO. "This transaction will result in
approximately $200 thousand per year in expense reduction."
Unity Bancorp, Inc. is a financial service organization headquartered in
Clinton, New Jersey, with approximately $827 million in assets and $652
million in deposits. Unity Bank provides financial services to retail,
corporate and small business customers through its 15 retail service centers
located in Hunterdon, Middlesex, Somerset, Union and Warren Counties in New
Jersey and Northampton County, Pennsylvania. For additional information about
Unity, visit our website at www.unitybank.com, or call 800-618-BANK.
This news release contains certain forward-looking statements, either
expressed or implied, which are provided to assist the reader in understanding
anticipated future financial performance. These statements may be identified
by use of the words "believe", "expect", "intend", "anticipate", "estimate",
"project" or similar expressions. These statements involve certain risks,
uncertainties, estimates and assumptions made by management, which are subject
to factors beyond the company's control and could impede its ability to
achieve these goals. These factors include those items included in our Annual
Report on Form 10-K under the heading "Item IA-Risk Factors" as well as
general economic conditions, trends in interest rates, the ability of our
borrowers to repay their loans, our ability to manage and reduce the level of
our nonperforming assets, and results of regulatory exams, among other
SOURCE Unity Bancorp, Inc.
Contact: News Media & Financial Analyst, Alan J. Bedner, EVP, Chief Financial
Officer, (908) 713-4308
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