[8-K] UNITY BANCORP INC /NJ/ Reports Material Event
Unity Bancorp, Inc. appointed George Boyan as President of both the company and its subsidiary Unity Bank, effective January 1, 2026. He will also join the Boards of Directors of both entities, expanding each board from nine to ten members, after previously serving as Executive Vice President and Chief Financial Officer.
James Hughes will remain Chief Executive Officer of Unity Bancorp and Unity Bank and will continue as a director, so overall leadership continuity is maintained. In addition, James Davies will become Chief Financial Officer and serve as Principal Financial Officer and Principal Accounting Officer effective January 1, 2026, moving up from his current role as Senior Vice President and Controller. The company states there are no related party transactions or new material compensation arrangements tied to these promotions.
- None.
- None.
Item 8.01 Other Events
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On November 20, 2025, Unity Bancorp, Inc. (the “Registrant”) announced that George Boyan will be promoted to President of each of the Registrant and its wholly owned subsidiary Unity Bank (the “Bank”), effective January 1, 2026. In connection with this promotion to President, Mr. Boyan will simultaneously also be appointed to the Boards of Directors of both the Registrant and the Bank. His appointment will expand both Boards from nine to ten directors. Prior to the effectiveness of this appointment, Mr. Boyan served as the Registrant’s and the Bank’s Executive Vice President and Chief Financial Officer.
Mr. James Hughes, who previously served as the Registrant’s and the Bank’s President and Chief Executive Officer, will remain the Registrant’s and the Bank’s Chief Executive Officer. Mr. Hughes will also remain a member of both Board of Directors of the Registrant and the Bank.
In addition, James Davies, who currently serves as Senior Vice President and Controller, was appointed Chief Financial Officer of the Registrant and the Bank effective as of January 1, 2026. In such capacity, Mr. Davies shall serve as the Registrant’s Principal Financial Officer and Principal Accounting Officer.
The table below sets forth certain information about Messrs. Boyan and Davies, effective as of January 1, 2026:
Name and Position | Age | Principal Occupation for the Past Five Years | Officer Since | Term Expires |
George Boyan President | 43 | Executive Vice President & Chief Financial Officer of the Registrant and the Bank (2021 – Present); Treasurer & Controller of Bank Leumi USA; President of Leumi Investment Services, Inc. (2014 – 2021); | 2021 | N/A(1) |
James Davies First Senior Vice President & Chief Financial Officer | 33 | Senior Vice President & Controller of the Registrant and the Bank (2022 – Present); Deputy Controller of Valley Bank (2022); First Vice President, Co-Controller, CFO of Leumi Investment Services, Inc. and Finance Manager of Bank Leumi USA (2018 – 2022) | 2022 | N/A(1) |
| (1) | Officers serve at the pleasure of the Board of Directors |
Mr. Boyan’s initial term as a director of the Registrant and the Bank will expire at the next annual shareholders meeting of each, at which point it is anticipated he will be re-nominated for shareholder approval to serve on the Boards of Directors, to hold office for the term that shall be established at the time of such nomination. Furthermore, it is anticipated that Mr. Boyan shall serve on the Bank’s and the Registrant’s Loan Committee.
There are no arrangements or understandings between Messrs. Boyan and Davies and any other persons pursuant to which Mr. Boyan was selected as President & Director, and Mr. Davies was selected First Senior Vice President & Chief Financial Officer. Messrs. Boyan and Davies have no family relationship with any other director or executive officer of the Registrant, nor with any person nominated or chosen to serve as a director or executive officer of the Registrant. Messrs. Boyan and Davies are not directors of any company with a class of securities registered pursuant to section 12, of the Securities Exchange Act of 1934, as amended (the “Act”), subject to the requirements of section 15(d) of the Act, or of any company under the Investment Company Act of 1940.
There are no “related party transactions” between Messrs. Boyan and Davies and the Registrant or the Bank that require disclosure.
There are no material plans, contracts or other arrangements (or amendments thereto) to which Messrs. Boyan and Davies are a party, or in which each participates, that was entered into or amended, in connection with Mr. Boyan’s selection as President & Director and Mr. Davies’ selection as First Senior Vice President & Chief Financial Officer, of the Registrant and the Bank.
The Registrant is party to a previously disclosed retention agreement with Mr. Boyan, and change in control agreement with Mr. Davies.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit 99.1 | Press release issued by the Registrant on November 20, 2025 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
UNITY BANCORP, INC. | ||
(Registrant) | ||
Date: November 20, 2025 | ||
By: | /s/ George Boyan | |
George Boyan | ||
Executive Vice President and Chief Financial Officer | ||
FAQ
What executive changes did Unity Bancorp (UNTY) announce?
Unity Bancorp announced that George Boyan will become President of both Unity Bancorp and Unity Bank and James Davies will become Chief Financial Officer, both effective January 1, 2026.
Will Unity Bancorp (UNTY) have a new CEO after January 1, 2026?
No. James Hughes will remain Chief Executive Officer of Unity Bancorp and Unity Bank and will continue serving on both boards.
Is George Boyan joining the Unity Bancorp (UNTY) Board of Directors?
Yes. George Boyan will join the Boards of Directors of Unity Bancorp and Unity Bank, expanding each board from nine to ten directors. His initial term will run until the next annual shareholders meeting.
What role will James Davies hold at Unity Bancorp (UNTY) after the transition?
Effective January 1, 2026, James Davies will serve as Chief Financial Officer of Unity Bancorp and Unity Bank and will be the Principal Financial Officer and Principal Accounting Officer.
Do the promotions of Boyan and Davies at Unity Bancorp (UNTY) involve new related party transactions?
No. The company states there are no related party transactions involving George Boyan or James Davies that require disclosure in connection with these appointments.
Are there new material employment agreements tied to Unity Bancorp’s leadership changes?
The company reports no new material plans, contracts, or arrangements entered into or amended in connection with the promotions, though it notes an existing retention agreement with Boyan and a change in control agreement with Davies.
