Unity Bancorp to appoint George Boyan CEO in 2027
The SERP amendment will result in a $769,000 one-time pre-tax expense; Hughes will remain on both boards after retirement.
Rhea-AI Filing Summary
Unity Bancorp, Inc. announced a planned CEO transition: James A. Hughes intends to retire from his CEO positions at the company and Unity Bank effective March 31, 2027, and the Board will appoint current President George Boyan as CEO of both effective April 1, 2027. The boards unanimously selected Boyan to succeed Hughes. Hughes will remain a director of both the company and the bank, while Boyan will continue as president. Boyan joined Unity in 2021, served as Executive Vice President and Chief Financial Officer from 2022 to 2025, and became president on January 1, 2026.
On September 17, 2026, Unity Bancorp and Hughes amended the Supplemental Executive Retirement Plan, raising its retirement benefit percentage from 60% to 65% of the applicable compensation measure. The amendment will result in a one-time pre-tax expense of $769,000 to be recognized in the quarter ending September 30, 2026. Hughes’s retirement follows more than 26 years with Unity.
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
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Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b)) |
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Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Attached as Exhibit 99.1 is a copy of the press release announcing that James A. Hughes, Chief Executive Officer of the Company and Unity Bank, a wholly-owned subsidiary of the Company (the "Bank"), has informed the Board of Directors (the "Board") of his intention to retire from his executive positions effective March 31, 2027. Mr. Hughes will continue to serve as a member of the Board of Directors of the Company and the Bank following his retirement from executive service.
Mr. Hughes' decision to retire was not the result of any disagreement with the Company or the Bank regarding the Company's or the Bank's operations, policies, practices, or any matter relating to the Company's or the Bank's financial statements, internal controls, or governance.
Following Mr. Hughes’ notice to the Board, and pursuant to the Company’s considered succession plan, the Board will appoint George Boyan, who currently serves as President of the Company and the Bank, to the position of President and Chief Executive Officer of the Company and the Bank, effective April 1, 2027.
Mr. Boyan, age 44, joined the Company in 2021 and has held a variety of leadership roles, including serving as Executive Vice President and Chief Financial Officer from 2022 until 2025. Commencing on January 1, 2026, Mr. Boyan was promoted to President of the Company and the Bank. Mr. Boyan does not have an interest requiring disclosure under either Items 401(d) and 404(a) of Regulation S-K, and the information required under Items 401(b) and (e) of Regulation S-K related to any material plan, contract or arrangement with respect to Mr. Boyan is incorporated by reference to the information under the captions "Proposal 1 - Election of Directors" and “Executive Compensation” in the Company's definitive proxy statement filed with the Securities and Exchange Commission on March 6, 2026.
In connection with the foregoing succession planning and retirement arrangements, on September 17, 2026, the Company and Mr. Hughes entered into:
Item 7.01 Regulation FD Disclosure.
On September 23, 2026, the Company issued a press release announcing the retirement of Mr. Hughes, the appointment of Mr. Boyan as his successor, and Mr. Hughes' continued service as a director of the Company and the Bank.
A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to Item 7.01 of this Current Report, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit 99.1 |
Press release issued by the Registrant on September 23, 2026 |
Exhibit 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
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UNITY BANCORP, INC. |
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(Registrant) |
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Date: September 23, 2026 |
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By: |
/s/ James Davies |
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James Davies |
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First Senior Vice President & Chief Financial Officer |
Exhibit 99.1
Unity Bancorp, Inc.
64 Old Highway 22
Clinton, NJ 08809
800 618-BANK
www.unitybank.com
News
For Immediate Release:
September 23, 2026
News Media & Financial Analyst Contact:
James Davies
FSVP and Chief Financial Officer
(908) 713-4330
UNITY BANCORP, INC. AND UNITY BANK ANNOUNCE RETIREMENT OF CEO JAMES A. HUGHES AND PLANNED LEADERSHIP SUCCESSION. George Boyan to Become Chief Executive Officer on April 1, 2027; Hughes to Continue Serving on Company and Bank Board
CLINTON, N.J., September 23, 2026 - Unity Bancorp, Inc. (NASDAQ: UNTY) and its wholly owned subsidiary, Unity Bank, today announced that James A. Hughes will retire from his position as Chief Executive Officer of the Company and the Bank effective March 31, 2027, following more than 26 years of dedicated service. Mr. Hughes will continue to serve on the Boards of Directors of both Unity Bancorp, Inc. and Unity Bank following his retirement.
As part of a deliberate, multi-year succession planning process, the Boards unanimously selected current President George Boyan to succeed Mr. Hughes as Chief Executive Officer effective April 1, 2027. Mr. Boyan will continue to serve as President of the Company and the Bank, a position he has held since January 1, 2026. During his tenure with Unity, he has held key executive leadership responsibilities and has been a key contributor to the Company’s growth, commercial banking expansion, operational performance, and talent development initiatives.
During Mr. Hughes’ tenure, Unity achieved significant growth, enhanced shareholder value, expanded its presence across New Jersey and Pennsylvania, strengthened its commercial and retail banking capabilities, and established itself as a leading community banking institution. Under his leadership, Unity remained committed to relationship-based banking while delivering strong financial performance and fostering a culture centered on customer service, integrity, accountability, and community involvement.
"Jim Hughes has left an indelible mark on Unity." said David D. Dallas, Chairman of the Board. "His vision, integrity, and commitment to community banking have shaped our organization and positioned it for long-term success. On behalf of the Boards of Directors, I thank Jim for his extraordinary leadership and more than 26 years of dedicated service to our customers, employees, shareholders, and communities. We are especially pleased that he will continue serving on both Boards, where his experience, judgment, and institutional knowledge will remain invaluable.”
"It has been the privilege of a lifetime to serve Unity, our customers, our shareholders, our employees, and the communities we serve,” said James A. Hughes. “I am incredibly proud of what we have accomplished together over the past 26 years. Unity’s success has always been driven by the dedication of our employees and our commitment to building meaningful relationships with our customers. I have complete confidence in Unity’s future and in George’s ability to lead the organization through its next chapter. I look forward to continuing to support Unity as a member of the Boards of Directors.”
"George is the right leader to guide Unity forward,” said Dallas. “He has a deep understanding of our business, culture, markets, and strategic priorities. His selection reflects the strength of our succession planning process and the Boards’ confidence in Unity’s future. We are confident that George will build upon the strong foundation established under Jim’s leadership while preserving the relationship-based banking model that has been central to Unity’s success."
"I am honored by the Boards’ confidence and grateful for Jim’s mentorship, leadership, and friendship over the years,” said George Boyan. “Unity has an exceptional team, a strong culture, and a proven relationship-based banking model. I look forward to working alongside our employees, management team, and Board as we continue delivering exceptional service to our customers, supporting our communities, and creating long-term value for our shareholders”
The Board emphasized that the leadership transition reflects a well-planned succession process and positions the Company for continued growth, while preserving the relationship-based community banking model that has defined Unity's success.
James Hughes' Legacy at Unity
Throughout his 26-year career with Unity Bank and Unity Bancorp Inc, Jim Hughes played a pivotal role in transforming the organization into one of the nation’s premier community banking institutions. Under his leadership, Unity remained committed to its relationship-driven banking model while delivering sustained growth, strong financial performance, and long-term value creation for shareholders.
Among the many accomplishments achieved during Mr. Hughes' tenure:
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 22 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.