Unity Bancorp Declares Cash Dividend

Rhea-AI Summary

Unity Bancorp (NASDAQ: UNTY), the parent company of Unity Bank, announced a cash dividend of $0.13 per common share. The dividend is payable on June 21, 2024, to shareholders recorded by June 7, 2024. Unity Bancorp, headquartered in Clinton, New Jersey, manages approximately $2.6 billion in assets and $2.0 billion in deposits. Unity Bank, its subsidiary, offers financial services across several counties in New Jersey and Pennsylvania.

Positive

• Unity Bancorp declared a cash dividend of $0.13 per common share.
• Dividend will be payable on June 21, 2024, providing short-term returns to shareholders.
• Unity Bancorp has a strong asset base of $2.6 billion and $2.0 billion in deposits.

Negative

• None.

CLINTON, N.J., May 16, 2024 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced that its Board of Directors has declared a cash dividend of $0.13 per common share. Such dividend is payable on June 21, 2024, to shareholders of record as of June 7, 2024.

Unity Bancorp, Inc. is a financial services organization headquartered in Clinton, New Jersey, with approximately $2.6 billion in assets and $2.0 billion in deposits. Unity Bank, the Company’s wholly owned subsidiary, provides financial services to retail, corporate and small business customers through its robust branch network located in Bergen, Hunterdon, Middlesex, Morris, Ocean, Somerset, Union and Warren Counties in New Jersey and Northampton County in 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, results of regulatory exams, its employees and customers, among other factors.

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

FAQ

What dividend did Unity Bancorp declare in May 2024?

Unity Bancorp declared a cash dividend of $0.13 per common share.

When is the Unity Bancorp dividend payable?

The dividend is payable on June 21, 2024.

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

The record date for the dividend is June 7, 2024.

What are Unity Bancorp's assets as of May 2024?

Unity Bancorp manages approximately $2.6 billion in assets.

How much does Unity Bancorp have in deposits?

Unity Bancorp has $2.0 billion in deposits.