Unity Bancorp Rings The NASDAQ Stock Market Closing Bell, Marking 15 Years on
the Stock Exchange
NEW YORK, Sept. 3, 2013
NEW YORK, Sept.3, 2013 /PRNewswire/ --Unity Bancorp President & CEO James A.
Hughes rang The NASDAQ Stock Market Closing Bell in Times Square on Thursday,
August 22, marking 15 years that Unity Bancorp, Inc. (NASDAQ: UNTY), parent
company of Unity Bank, has been listed on the exchange and highlighting
several financial milestones achieved during 2013.
(Photo: http://photos.prnewswire.com/prnh/20130903/NY73186 )
"We visited the NASDAQ to celebrate the past, present and future of Unity as
our company continues to grow, which means we can continue to enhance
community banking services for our customers while providing a strong
investment opportunity for Unity's stockholders," said Hughes. "During the
last 15 years, we have nearly tripled our number of employees and expanded our
services into more communities in Central Jersey and the Lehigh Valley. Even
as we grow our top priority continues to be to provide individuals and
businesses with a community banking experience that exceeds their
There have been several significant accomplishments for Unity since the start
of the year. Most notably, the company booked a significant increase in loans.
Total loans increased $35.3 million to $622.3 million at June 30, 2013 with
growth generated primarily in the residential mortgage and commercial loan
Another significant accomplishment is Unity's exit from the Federal
Government's Capital Purchase Program (CPP), which was created to help
stabilize the financial system during the 2008 economic crisis. The taxpayers
invested $20 million in Unity through the program allowing Unity to remain
well-capitalized and continue to lend throughout the crisis. The company has
now repaid that investment, and the U.S. Treasury has yielded a $7.3 million
return on the investment.
In the second quarter of 2013, Unity paid shareholders its first cash dividend
since entering the CPP program. Unity reported net income available to common
shareholders of $882,000 or $0.11 per diluted share, for the three months
ended June 30, a 53.4% increase compared to the same period a year ago. The
company also reported strong earnings in the first quarter of 2013 with net
income available to common shareholders of $796,000, or $0.10 per diluted
share, for the three months ended March 31, a 56.4% increase compared to the
same period a year ago.
After a strong 2012 when Unity realized a $4.2 million profit, a 67% increase
over the previous year, Hughes forecast a strong 2013 for the bank, including
record loan growth and continued expense management. Another major goal was
realized in April with the $4.325 million purchase of three properties the
bank had previously leased for branches in Edison, Highland Park and South
Plainfield, New Jersey, a decision that will save the company over $200,000
"The first eight months of 2013 have been extremely important to the future of
the company and our ability to continue to capitalize on marketplace
opportunities and trends," said Hughes. "Unity's operational fundamentals have
improved so significantly that we were able to repay $20.6 million in high
cost capital. In addition, loan demand has greatly improved, which should
bolster revenue and enhance our future performance. Unity Bank is committed to
being the best community banking option in our service area and we continue to
achieve this goal by providing value-added, competitively priced services to
our customers. At the same time, we are dedicated to providing our
shareholders with a responsible, profitable investment."
In the second quarter, Unity also reported:
oNoninterest-bearing deposits reached a record high of $128 million, an
11.9% increase from year-end, and now represent 20.4% of total deposits.
oContinued asset quality improvement as evidenced by: a 36.4% decrease in
nonperforming assets from a year ago and a 68.2% decrease in net
David Wicks, Vice President of NASDAQ OMX, introduced Hughes and noted, "Unity
stock is up, year to date, 23% plus… outperforming the Russell Micro Cap
Financial Services Index, the NASDAQ composite and the S&P 500 all by
Hughes was joined at the closing bell ceremony by David Dallas, Chairman;
Allen Tucker, Vice Chairman; Mark S. Brody, Director; Wayne Courtright,
Director; Robert H. Dallas, II, Director; Mary E. Gross, Director; Peter E.
Maricondo, Director; Raj Patel, Director; Donald E. Souders, Director; Alan
Bedner, Executive Vice President/Chief Financial Officer; Janice Bolomey,
Senior Vice President/Director of Sales; Laurie Cook, Senior Vice
President/Controller; Rosemary Fellner, Vice President/Marketing Director; and
Linda McDermott, Corporate Secretary. To see a video of the closing bell
ceremony, please visit:
About Unity Bancorp, Inc.
Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, its
primary and wholly owned subsidiary, is a financial services organization
headquartered in Clinton, N.J. Unity Bank provides financial services to
retail, corporate and small business customers through its 15 bank branches in
Hunterdon, Middlesex, Somerset, Union and Warren Counties in New Jersey and
Northampton County, Pennsylvania. Unity Bank provides traditional and
community-oriented commercial banking services, including personal and
business checking accounts and time deposits, money market accounts and
regular savings accounts. For more information, please visit
www.unitybank.comor call 800-618-BANK (800-618-2265).
Unity Bancorp rang The NASDAQ Stock Market Closing Bell in Times Square on
Thursday, August 22. Pictured (from left) are David Dallas, Chairman; Rosemary
Fellner, Vice President/Marketing Director; Peter E. Maricondo, Director;
Donald E. Souders, Director; Mary E. Gross, Director; Allen Tucker, Vice
Chairman; Janice Bolomey, Senior Vice President/Director of Sales; Alan
Bedner, Executive Vice President/Chief Financial Officer; James A. Hughes,
President & CEO; Mark S. Brody, Director; David Wicks, Vice President of
NASDAQ OMX; Raj Patel, Director; Laurie Cook, Senior Vice
President/Controller; Robert H. Dallas, II, Director; Linda McDermott,
Corporate Secretary; Kevin O'Neill of NASDAQ OMX; and Wayne Courtright,
SOURCE Unity Bancorp, Inc.
Contact: Fred Feiner, Yankee Public Relations, (908) 425-4878,
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