Unity Bancorp Announces 10% Increase in Cash in Second Quarter

CLINTON, NJ, April 28, 2022 (GLOBE NEWSWIRE) — Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, announced that its board of directors declared a cash dividend of $0.11 per ordinary share. This dividend is payable on June 24, 2022 to shareholders of record on June 10, 2022.

This represents a 10% increase from the $0.10 per common share dividend paid in the prior quarter and a 22% increase from the $0.09 per common share dividend paid in June 2021.

Unity Bancorp, Inc. is a financial services organizationion headquartered in Clinton, New Jersey, with approximately $2.1 billion in assets and $1.8 billion in deposits. Unity Bank, a wholly owned subsidiary of the Company, provides financial services to individuals, businesses and small businesses through its 19 retail service centers located in the counties of Bergen, Hunterdon, Middlesex, Somerset, Union and Warren in New Jersey and Northampton County, Pennsylvania. For more information about Unity, visit our website at www.unitybank.com or call 800-618-BANK.

This press release contains certain forward-looking statements, expressed or implied, which are provided to assist the reader in understanding expected future financial performance. These statements can be identified by the use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company’s control and could impair its ability to achieve these objectives. These factors include matters included in our Annual Report on Form 10-K under the heading “Item IA-Risk Factors” as amended or supplemented by our subsequent SEC filings, as well as general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, our ability to manage and reduce the level of our non-performing assets, the results of regulatory reviews and the impact of COVID-19 on the Bank, its employees and customers, among other factors.

Contact with news media and financial analysts:
George Boyan
Executive Vice President and Chief Financial Officer
(908) 713-4565

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