Unity Bank Earns Top, 5-Star Rating from Nation’s Premier Bank Rating Firm

Rhea-AI Summary

Unity Bank has received a 5-Star Rating from BauerFinancial for its financial strength, with commendations in available capital, profitability, and asset quality. This recognition places Unity among the top tier of financial institutions in the U.S., reflecting its commitment to high-quality service. In addition to the rating, Unity's Board of Directors declared a cash dividend of $0.12 per common share, marking a 9% increase from the previous quarter and a 20% rise from the same period last year. Established in 1991, Unity Bank serves the community through 20 branches across New Jersey and Pennsylvania.

Positive

• Earned a 5-Star Rating from BauerFinancial, indicating superior financial strength.
• Declared a cash dividend of $0.12 per common share, a 9% increase from the previous quarter.
• 20% increase in dividend from March 2022, reflecting improved profitability.

Negative

• None.

BauerFinancial Rating Confirms Unity Bank’s Strength in Available Capital, Profitability and Asset Quality

CLINTON, N.J., March 30, 2023 (GLOBE NEWSWIRE) -- Unity Bank has earned the Top (5-Star) Rating for financial strength and stability from BauerFinancial, Inc., the nation’s premier bank rating firm. BauerFinancial rates every federally-insured U.S. chartered bank with the same strict standards, and is pleased to report that Unity Bank continues to outperform its peers.

“The 5-Star Rating by BauerFinancial indicates that Unity Bank excels in many different areas, including available capital, profitability and asset quality,” said Unity Bank President & CEO James A. Hughes. “The rating places Unity Bank in the top tier of financial institutions in the United States. We are honored by the ranking and are committed to providing the highest level of service.”

Established in 1991, Unity Bank has been a dedicated banking partner for the community for 32 years. Making connections and supporting this community has been its hallmark since its inception. Being rated 5-Stars by Bauer, the best, most trusted and most convenient place to go for a validated, statistical review of your bank’s financial strength, is the fruit of its labor.

Bank and Credit Union data compiled from financial data for the period noted, as reported to federal regulators. The financial data obtained from these sources is consistently reliable, although the accuracy and completeness of the data cannot be guaranteed by BauerFinancial, Inc. Since 1983, BauerFinancial has relied upon this data in its judgment and in rendering its opinion (e.g. determination of star ratings). BauerFinancial, Inc. is not a financial advisor; it is an independent bank research firm. No institution can pay for or opt out of a BauerFinancial rating. Star-ratings are all available for free at bauerfinancial.com.

Unity’s Board of Directors recently declared a cash dividend of $0.12 per common share. Such dividend is payable on March 24, 2023, to shareholders of record as of March 10, 2023. This represents an 9% increase from the $0.11 dividend per common share paid in the prior quarter, and a 20% increase from the $0.10 dividend per common share paid in March 2022.

About Unity Bancorp, Inc.
Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, its primary and wholly owned subsidiary, is a financial services organization headquartered in Clinton, New Jersey. Unity Bank provides financial services to businesses and consumers at 20 branches throughout New Jersey and the Lehigh Valley, Pennsylvania. Unity Bank provides community-oriented commercial banking services, including deposit accounts, loans, online and mobile services. For more information, please visit unitybank.com or call 800-618-BANK (800-618-2265). Unity Bank is a member of the Federal Deposit Insurance Corporation (FDIC). To learn about FDIC insurance for deposits with member banks, please visit FDIC.gov.

MEDIA CONTACT:
Fred Feiner
Yankee Public Relations
(908) 425-4878
fred@yankeepr.com

FAQ

What does the 5-Star Rating from BauerFinancial mean for Unity Bank (UNTY)?

The 5-Star Rating signifies that Unity Bank excels in available capital, profitability, and asset quality, positioning it among the top financial institutions in the U.S.

When was the cash dividend for Unity Bank (UNTY) declared?

The cash dividend of $0.12 per common share was declared by Unity's Board of Directors and is payable on March 24, 2023.

How much has Unity Bank (UNTY) increased its dividend from last year?

Unity Bank increased its dividend by 20% from the $0.10 per common share paid in March 2022.

How many branches does Unity Bank (UNTY) operate?

Unity Bank operates 20 branches throughout New Jersey and the Lehigh Valley, Pennsylvania.

What is Unity Bank's commitment to its community?

Established in 1991, Unity Bank is dedicated to making connections and supporting the community through its banking services.