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CLINTON, NJ, June 1, 2021 (GLOBE NEWSWIRE) – Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, was New Jersey’s top-ranked community bank on the recent publication American banker Magazine’s list of the top 200 publicly traded community banks with less than $ 2 billion in assets. Unity was ranked 20th nationally on the Respected Industry List, which reviewed 511 institutions across the United States.
The magazine ranked banks and thugs with total assets of less than $ 2 billion as of December 31, 2020 that are publicly traded. Nationally, 511 establishments fit the category of the list. Unity Bank has been on the list for six consecutive years.
The ranking is based on the three-year average return on equity (ROAE), a measure of profitability that calculates the number of dollars in profit a business generates with each dollar of equity. The ROAE of the 511 establishments was 8.81%. Unity Bancorp’s three-year average ROAE was 15.72%, placing Unity near the top 4% Capital Performance Group data analysis S&P Global Market Intelligence.
“We are honored to be New Jersey’s first community bank on the American banker because it exemplifies Unity’s continued financial strength and performance, ”said James A. Hughes, President and CEO of Unity Bank. “The bank got off to a good start in 2021, but we wouldn’t be in the position we are today without the dedication of our employees and the loyalty and trust of our customers. The commitment our employees have shown during the COVID-19 pandemic has been extraordinary. We expect our Mortgage and US Small Business Administration (SBA) areas to be significant contributors in 2021, and we believe the interest rate environment should provide a stable margin. “
Over the past 15 months, Unity has focused on providing clients with access to credit, particularly through the undergraduate and graduate programs of the SBA Paycheck Protection Program (PPP), the special funding initiative designed to help small businesses to survive the crisis. PPP loans totaling $ 228 million.
About Unity Bancorp, Inc.Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, its principal 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 in New Jersey and Lehigh Valley, PA. Unity Bank provides community-driven commercial banking services, including deposit accounts, loans, online and mobile services. For more information, please visit unitybank.com or call 800-618-BANK (800-618-2265).
MEDIA CONTACT:Fred FeinerYankee Public Relations (908) 425-4878[email protected]
Source: Unity Bancorp, Inc.