Unity Bancorp Announces New Chief Financial Officer

Rhea-AI Summary

Unity Bancorp (NASDAQ: UNTY) announced the appointment of Anthony L. Cossetti as Executive Vice President and Chief Financial Officer, effective June 8, 2020. With over 25 years of finance and accounting experience, Cossetti previously held a senior role at Beneficial Bancorp. He will leverage his expertise in finance, accounting, and strategic planning to enhance Unity Bank's success. Unity Bancorp has approximately $1.7 billion in assets and $1.4 billion in deposits, serving customers across multiple New Jersey counties and Pennsylvania.

Positive

• Appointment of Anthony L. Cossetti as CFO expected to strengthen financial leadership.
• Cossetti brings extensive experience in finance and strategic planning, which can enhance operational efficiency.

Negative

• None.

CLINTON, N.J., May 05, 2020 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced today that industry veteran Anthony L. Cossetti will be joining the Company as Executive Vice President and Chief Financial Officer, effective June 8, 2020.  Mr. Cossetti has extensive experience in finance, accounting and reporting, budgeting, liquidity and capital management, strategic planning and interest rate risk management.

“I am thrilled to welcome Tony to our Executive team,” said James A. Hughes, President and CEO. “His vast experience will provide tremendous value and add to the success of Unity Bank.  I am looking forward to working with him.”

Mr. Cossetti has over 25 years of finance and accounting experience, most recently at Beneficial Bancorp, Philadelphia, PA, as Senior Vice President and Corporate Treasurer.  While there, Mr. Cossetti directed areas such as mergers and acquisitions, asset and liability management, investments, borrowings and hedging decisions.  He has a Bachelor of Science degree in Accounting from La Salle University and is a Certified Public Accountant in the state of Pennsylvania.

“I am extremely excited to be joining an organization that takes such great pride in serving its local communities and customers,” said Mr. Cossetti.  “I look forward to working with Jim and the team towards achieving continued success and fulfilling Unity Bank’s mission.”

Mr. Cossetti currently serves as a Finance Committee Member for the National Board of Osteopathic Medical Examiners, where he was previously an Audit Committee member.  He also served as an Advisory Board Member to the Federal Home Loan Bank of Pittsburgh. 

Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $1.7 billion in assets and $1.4 billion in deposits.  Unity Bank provides financial services to retail, corporate and small business customers through its 19 retail service centers located in Bergen, 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 updated by our subsequent filings with the Securities and Exchange Commission, 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, the impact of the COVID-19 pandemic on our operations and those of our customers and results of regulatory exams, among other factors.   

News Media & Financial Analyst Contact:
James A. Hughes
President & CEO
(908) 713-4306                                                                                                                                    

 

FAQ

Who is the new CFO of Unity Bancorp?

Anthony L. Cossetti has been appointed as the new CFO of Unity Bancorp, starting June 8, 2020.

What experience does Anthony L. Cossetti bring to Unity Bancorp?

Cossetti has over 25 years of finance and accounting experience, including senior roles in mergers and acquisitions at Beneficial Bancorp.

What are the total assets of Unity Bancorp?

Unity Bancorp has approximately $1.7 billion in assets.

When will Anthony L. Cossetti start his role at Unity Bancorp?

Cossetti will officially begin his role as CFO on June 8, 2020.

What is Unity Bancorp's stock symbol?

The stock symbol for Unity Bancorp is UNTY.