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 September 25, 2020, to shareholders on record as of September 11, 2020. The company, headquartered in Clinton, New Jersey, has assets of approximately $1.9 billion and deposits totaling $1.5 billion. Unity Bank serves the retail, corporate, and small business sectors via 19 service centers across New Jersey and Pennsylvania.

Positive

• Declared cash dividend of $0.08 per share.
• Strong asset base of approximately $1.9 billion.
• Healthy deposit levels at $1.5 billion.

Negative

• Risks associated with economic conditions and interest rate trends.
• Challenges in managing nonperforming assets.

CLINTON, N.J., Aug. 27, 2020 (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 September 25, 2020, to shareholders of record as of September 11, 2020.

Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $1.9 billion in assets and $1.5 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 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, among other factors.

News Media & Financial Analyst Contact:
Anthony Cossetti
Executive Vice President and Chief Financial Officer
(908) 713-4565

FAQ

What is the dividend amount declared by Unity Bancorp?

Unity Bancorp has declared a cash dividend of $0.08 per common share.

When is the dividend payment date for Unity Bancorp?

The dividend is payable on September 25, 2020.

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

The record date for the dividend is September 11, 2020.

How does Unity Bancorp's asset size influence its stock?

Unity Bancorp has approximately $1.9 billion in assets, which can provide stability and investor confidence.

What risks does Unity Bancorp face that could affect its stock?

Unity Bancorp faces risks related to economic conditions, interest rate trends, and the management of nonperforming assets.