Unity Bank Ranked 13th Nationally and 5th in ROA Among Banks Under $5 Billion

Rhea-AI Summary

Unity Bancorp, Inc. (NASDAQ: UNTY) has achieved significant recognition in Bank Director magazine's Top 25 Banks ranking. The bank is now listed as the 13th best publicly traded bank nationally and 5th in Return on Assets (ROA) among banks with less than $5 billion in assets. This marks an improvement from its 21st position in 2022. Unity Bank's total assets have grown to approximately $2.6 billion, with deposits reaching $2.0 billion.

The ranking, published annually since 2017, evaluates banks based on balance growth, profitability, asset quality, long-term shareholder value, and safety. Unity's success is attributed to its growth strategy, including new branch openings, expanded service areas, and employee development initiatives. The bank's strong performance, particularly in profitability, has been highlighted by its high ROA ranking in its asset category.

Positive

• Improved ranking from 21st to 13th best publicly traded bank nationally
• Ranked 5th in Return on Assets (ROA) among banks under $5 billion in assets
• Total assets increased to $2.6 billion
• Deposits reached $2.0 billion

Negative

• None.

Unity Maintains Strong Ranking in Bank Director Magazine Listing

CLINTON, N.J., Aug. 22, 2024 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ: UNTY), Unity Bank's parent company, has once again been recognized in the prestigious Top 25 Banks ranking by Bank Director magazine. Unity Bank is listed as the 13th best publicly traded bank in the nation and is 5th in Return on Assets (ROA) among banks with less than $5 billion in assets.

This year's rankings reflect Unity Bank's continued progress, improving from its 2022 position of 21st overall. Unity Bank's total assets have increased to approximately $2.6 billion, with deposits reaching $2.0 billion.

The Top 25 Banks list, published annually since 2017, assesses banks based on their performance over the prior year, evaluating criteria such as balance growth, profitability, asset quality, long-term shareholder value, and safety. The rankings consider profitability, capital adequacy, asset quality, and total shareholder return, with data compiled by the investment bank Piper Sandler and sourced from S&P Global Market Intelligence.

James A. Hughes, President & CEO of Unity Bank, commented, “We are pleased to once again be featured on this esteemed national list. Our commitment to growth through new branch openings, expanding service areas, and fostering employee development continues to drive our success. The support from our customers, employees, and directors is evident in these rankings.”

Unity Bank’s ranking also highlights its strong profitability performance, with the bank placing 5th nationally for Return on Assets (ROA) in its asset category. For details on the Top 25 Banks list, refer to Bank Director magazine.

About Bank Director

Bank Director connects with the leaders of America’s banking industry. Since 1991, it has provided valuable research, peer insights, and executive services tailored for banking institutions. Bank Director offers timely information through its magazine, board training services, and the Acquire or Be Acquired conference. For more information, visit BankDirector.com.

About Unity Bancorp, Inc.

Unity Bancorp, Inc. (NASDAQ: UNTY) is the parent company of Unity Bank, a financial services organization based in Clinton, New Jersey. Unity Bank operates 21 branches across New Jersey and the Lehigh Valley, Pennsylvania, offering community-focused commercial banking services, including deposit accounts, loans, and digital services. For details, 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, visit FDIC.gov.

Contact:
Crystal Rose
Marketing Director
(908) 713-4310
Crystal.Rose@unitybank.com

FAQ

What is Unity Bancorp's (UNTY) ranking in Bank Director magazine's Top 25 Banks list for 2024?

Unity Bancorp (UNTY) is ranked 13th best publicly traded bank nationally in Bank Director magazine's Top 25 Banks list for 2024.

How did Unity Bank's (UNTY) ranking change compared to 2022?

Unity Bank (UNTY) improved its ranking from 21st overall in 2022 to 13th in 2024.

What is Unity Bank's (UNTY) Return on Assets (ROA) ranking for banks under $5 billion in assets?

Unity Bank (UNTY) is ranked 5th in Return on Assets (ROA) among banks with less than $5 billion in assets.

What are Unity Bank's (UNTY) current total assets and deposits as of August 2024?

As of August 2024, Unity Bank's (UNTY) total assets are approximately $2.6 billion, with deposits reaching $2.0 billion.