Unity Bank Opens Lakewood Branch, Plans New Fort Lee Branch

Rhea-AI Summary

Unity Bank has opened a new full-service branch in Lakewood, NJ, enhancing its presence in Ocean County, where bank branches have significantly declined. This location aims to serve the growing local population, which surged by 46% in the last decade. The new branch complements existing services and addresses unmet banking needs, particularly among senior citizens. With plans to establish another branch in Fort Lee by January, Unity Bank strengthens its commitment to local economic growth, providing vital financial services to small businesses and consumers.

Positive

• Opened a new branch in Lakewood, addressing local banking needs.
• Plans to expand with a new branch in Fort Lee by January.
• Lakewood's population growth of 46% presents a strong market opportunity.
• Unity Bank holds about $2.3 billion in assets and $1.8 billion in deposits.

Negative

• None.

Community Bank Addresses Ocean County’s Growing Need for Financial Services

LAKEWOOD, N.J., Dec. 05, 2022 (GLOBE NEWSWIRE) -- Unity Bank has opened a new full service branch in Lakewood at 1255 Route 70, expanding its branch network to Ocean County and the state’s fastest growing municipality. Unity also plans to open a Fort Lee branch in January, expanding the bank’s footprint in Bergen County.

“Ocean County has lost almost 25% of its bank branches in the past decade and county officials are concerned that senior citizens in the county are underserved by the current population of banks,” said Unity Bank President & CEO James A. Hughes. “Our commercial and residential lending team has made significant inroads serving the unmet needs of the local community so the new branch is a logical extension of these efforts. Lakewood has been the fastest growing municipality in the state so this new branch makes good sense for the community and Unity.”

Earlier this year, Unity established a commercial and residential lending office at the Route 70 facility, which is located at the intersection with Airport Road. The approximate 1,800-square-foot space, previously operated as a bank branch by another financial institution, now provides the full scope of local banking services.

“Community banks are an engine for economic growth in the areas where they operate,” said Hughes. “During a time when large banks are closing branches, and other community banks are consolidating, we are expanding our commitment to the local marketplace to bring our full suite of products and services to small businesses and consumers in Ocean and Bergen Counties. We are providing capital for small businesses looking to open their first store, grow their business and hire more employees as well as families looking to purchase a house, or put an addition on their existing home. The heart of our business is seamless, easy to use deposit accounts with simple payment platforms and a commitment to excellent customer service.”

According to the 2020 U.S. Census, Lakewood was New Jersey's fastest-growing municipality in the past decade and is now the state's fifth-largest city. Lakewood’s population soared 46% over the past decade, increasing from 92,843 residents to 135,158. Much of the dramatic growth has been attributed to an exodus of people from New York City to Ocean County.

Details of a grand opening event for the Lakewood branch will be announced in January. The Fort Lee branch will be located at 899 Palisades Avenue and is expected to be open by late January. Once the Fort Lee facility is opened, Unity Bank will provide financial services to retail, corporate and small business customers through 20 branches in Bergen, Hunterdon, Middlesex, Ocean, Somerset, Union and Warren Counties in New Jersey and Northampton County, Pennsylvania. The bank holds about $2.3 billion in assets and $1.8 billion in deposits.

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 19 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).

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a2a7fa14-28fa-4c47-a7c5-5561f4fe9344

FAQ

What is the new branch location for Unity Bank?

Unity Bank has opened a new branch in Lakewood, NJ, located at 1255 Route 70.

When will the Fort Lee branch of Unity Bank open?

The Fort Lee branch is expected to open by late January.

What is the significance of Unity Bank opening a branch in Lakewood?

The new branch addresses the decline of bank branches in Ocean County and meets the needs of the growing local population.

How much in assets does Unity Bank hold?

Unity Bank holds approximately $2.3 billion in assets.

What community needs is Unity Bank focusing on?

Unity Bank aims to fulfill the banking needs of local residents and small businesses, especially in underserved areas.