Unity Bancorp Declares Cash Dividend

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.11 per common share, payable on September 23, 2022, to shareholders on record as of September 9, 2022. The company, headquartered in Clinton, New Jersey, holds approximately $2.1 billion in assets and $1.7 billion in deposits. Unity Bank, its wholly owned subsidiary, operates 18 retail service centers across New Jersey and Pennsylvania, catering to retail and business customers. The press release also contains forward-looking statements subject to risks and uncertainties.

Positive

• Declared a cash dividend of $0.11 per share, enhancing shareholder income.
• Stable financial position with $2.1 billion in assets and $1.7 billion in deposits.

Negative

• Forward-looking statements indicate potential risks affecting future performance.

CLINTON, N.J., Aug. 25, 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 September 23, 2022, to shareholders of record as of September 9, 2022.

Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $2.1 billion in assets and $1.7 billion in deposits. Unity Bank, the company’s wholly owned subsidiary, provides financial services to retail, corporate and small business customers through its 18 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 amended or supplemented by our subsequent filings with the SEC, 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, and the impact of COVID-19 on the Bank, its employees and customers, among other factors.

News Media & Financial Analyst Contact:
George Boyan
EVP & Chief Financial Officer
(908) 713-4565

FAQ

What is the dividend amount declared by Unity Bancorp?

Unity Bancorp has declared a dividend of $0.11 per common share.

When will Unity Bancorp's dividend be paid?

The dividend will be paid on September 23, 2022.

What is the record date for Unity Bancorp's dividend?

The record date for the dividend is September 9, 2022.

What are the main financial metrics of Unity Bancorp?

Unity Bancorp has approximately $2.1 billion in assets and $1.7 billion in deposits.

What risks are associated with Unity Bancorp's forward-looking statements?

Risks include economic conditions, interest rates, loan repayments, and nonperforming assets.