Unity Bancorp, Inc. reports banking developments as the New Jersey bank holding company and financial holding company for Unity Bank. Unity Bank provides community-oriented commercial banking services to retail, corporate and small business customers, including deposit accounts, lending, credit cards and automated teller services through branches in New Jersey and Northampton County, Pennsylvania.
Company news commonly covers quarterly earnings, net interest income, net interest margin, loan growth, deposits, credit-loss provisions, cash dividends on common shares, capital management and governance updates. Releases also describe Unity Bank’s operating performance and branch-market activity within its regional banking franchise.
Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, has been recognized as the top community bank in New Jersey by American Banker, ranking 15th nationally among 511 evaluated banks with under $2 billion in assets. Unity has maintained this ranking for five consecutive years. With a three-year average return on average equity (ROAE) of 14.79%, significantly higher than the industry average of 8.60%, Unity demonstrated strong financial performance. Amid ongoing pandemic challenges, Unity is set to provide over $130 million in loans to support nearly 1,000 businesses through the SBA Paycheck Protection Program.
Unity Bancorp (NASDAQ: UNTY) announced the appointment of Anthony L. Cossetti as Executive Vice President and Chief Financial Officer, effective June 8, 2020. With over 25 years of finance and accounting experience, Cossetti previously held a senior role at Beneficial Bancorp. He will leverage his expertise in finance, accounting, and strategic planning to enhance Unity Bank's success. Unity Bancorp has approximately $1.7 billion in assets and $1.4 billion in deposits, serving customers across multiple New Jersey counties and Pennsylvania.
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