Unity Bancorp Declares Cash Dividend

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) has declared a cash dividend of $0.08 per common share, payable on March 26, 2021, to shareholders of record by March 12, 2021. The company, based in Clinton, New Jersey, manages approximately $2.0 billion in assets and $1.6 billion in deposits through its subsidiary, Unity Bank, which operates 19 retail service centers across New Jersey and Pennsylvania. This announcement highlights Unity's ongoing commitment to returning value to shareholders amidst a robust financial position.

Positive

• Declared a cash dividend of $0.08 per share, indicating financial stability.
• Company has approximately $2.0 billion in assets and $1.6 billion in deposits.

Negative

• Risks related to economic conditions, interest rate trends, and COVID-19 impact on operations.

CLINTON, N.J., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced that its Board of Directors has declared a cash dividend of $0.08 per common share. Such dividend is payable on March 26, 2021, to shareholders of record as of March 12, 2021.

Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $2.0 billion in assets and $1.6 billion in deposits. Unity Bank, the company’s wholly owned subsidiary, 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 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:
James A. Hughes
President and Chief Executive Officer
(908) 713-4306

FAQ

What is the dividend amount declared by Unity Bancorp, Inc. for 2021?

Unity Bancorp, Inc. declared a dividend of $0.08 per common share.

When will the dividend be paid to shareholders?

The dividend will be paid on March 26, 2021.

What is the record date for the dividend?

The record date for the dividend is March 12, 2021.

What financial position does Unity Bancorp, Inc. currently hold?

Unity Bancorp, Inc. has approximately $2.0 billion in assets and $1.6 billion in deposits.