Unity Bank is Top Ranked New Jersey Community Bank on American Banker Magazine’s Top 200 List
CLINTON, N.J. (May 14, 2020) – Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, was the top ranked New Jersey community bank on the recently published American Banker magazine list of the Top 200 Publicly Traded Community Banks with less than $2 billion in assets. Unity was ranked 15th nationally on the respected industry list, which reviewed 511 institutions throughout the U.S.
“We are honored to be the top ranked community bank in New Jersey on the American Banker list as it illustrates Unity’s continued financial strength and performance,” said Unity Bank President & CEO James A. Hughes. “The bank’s fiscal health could not be more important given the business challenges presented by the coronavirus crisis. Unity is better positioned to invest in the community because of our financial stability. The bank’s continued success is a tribute to the Unity’s sales and service culture, and the diversity of our products.”
The magazine ranked banks and thrifts that had total assets of less than $2 billion as of Dec. 31, 2019 and are publicly traded. Nationally, 511 institutions fit the category for the list. Unity Bank has been on the list for five consecutive years.
The ranking is based on three-year return on average equity (ROAE), a measure of profitability that calculates how many dollars of profit a company generates with each dollar of shareholders’ equity. The ROAE for the 511 institutions was 8.60%. Unity Bancorp’s ROAE three year average was 14.79%, placing Unity near the top 3% of the Capital Performance Group analysis of data from S&P Global Market Intelligence.
The impressive showing on the American Banker list comes amidst the COVID-19 pandemic, which has created marketplace challenges worldwide. Unity recently announced that nearly 1,000 businesses will receive more than $130 million in bank loans through the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP), the special funding initiative designed to help small businesses survive the crisis.
“The bank’s growth was deliberately slowed in the first quarter as Unity’s resources were redirected to help our customers through the COVID-19 crisis,” Hughes said. “We expect transitory growth in the second quarter due to the volume of PPP loans, which should leave our balance sheet quickly. I am optimistic that America will rebound swiftly, and community banking will continue to prosper. It is times like these that small businesses truly see the value in having a relationship with their community banker. We are here to serve, and to help our small businesses grow.”
Unity has approximately $1.7 billion in assets and $1.4 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 www.unitybank.com or call 800-618-BANK (800-618-2265).