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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
March 26, 1997
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Unity Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-12431 22-3282551
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
64 Old Highway 22, Clinton, New Jersey 08809
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (908) 730-7630
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Item 5. Other Events.
The Registrant issued a press release on March 26, 1997 announcing a $.05
per share quarterly cash dividend payable on May 5, 1997 to shareholders of
record as of April 15, 1997. On April 24, 1997, the Registrant issued a press
release announcing it earnings for the first fiscal quarter of 1997.
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Item 7. Exhibits.
The following exhibits are filed with this Current Report on Form 8-K.
Exhibit No. Description
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99a Press Release dated March 26, 1997
99b Press Release dated April 24, 1997
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Unity
Bancorp, Inc. has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNITY BANCORP, INC.
(Registrant)
Dated: May 5, 1997 By: /s/ JAMES HYMAN
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James Hyman
President and Chief
Operating Officer
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EXHIBIT INDEX
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CURRENT REPORT ON FORM 8-K
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Sequential
Exhibit No. Description Page Number
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99a Press Release dated
March 26, 1997
99b Press Release dated
April 24, 1997
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EXHIBIT 99a
FOR RELEASE: IMMEDIATELY
CONTACT: JAMES HYMAN, PRESIDENT (908) 730-7630 PRESS RELEASE
ADRIAN MADONIA, JR. (908) 788-9660
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UNITY BANCORP, INC.
DECLARES $.05 QUARTERLY CASH DIVIDEND
CLINTON, NEW JERSEY, MARCH 26, 1997...The Board of Directors of UNITY BANCORP,
INC. (AMEX: UBI), at its regularly scheduled meeting on March 25, 1997, declared
a $.05 per share quarterly cash dividend payable May 5, 1997, to shareholders of
record as of April 15, 1997. UNITY BANCORP, INC. is the parent Company of FIRST
COMMUNITY BANK.
In making the announcement, Chairman and Chief Executive Officer, Robert Van
Volkenburgh pointed to continuing profitability as the principal reason for the
dividend. This is the tenth consecutive quarterly cash dividend paid by the
Corporation.
UNITY BANCORP, INC'S subsidiary, FIRST COMMUNITY BANK (AMEX: UBI) is a community
oriented full-service commercial bank, providing a wide range of business and
consumer financial service through its headquarters in Clinton and branches in
Flemington, North Plainfield, Scotch Plains, Springfield and Union, New Jersey.
The Bank's newest office is expected to open during the
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beginning of the second quarter at 628 North Wood Avenue, Linden, Union County,
New Jersey.
For additional information about the Bank's financial service, call 1-800-540-
4790, or visit FCB's Internet page at http://members.aol.com/FCBJC. E-mail can
be addressed to the Bank at [email protected].
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EXHIBIT 99b
FOR RELEASE: IMMEDIATELY
CONTACT: JAMES HYMAN, PRESIDENT (908) 730-7630 PRESS RELEASE
ADRIAN MADONIA, JR. (908) 788-9660
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UNITY BANCORP, INC. ANNOUNCES FIRST QUARTER 1997 EARNINGS
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CLINTON, NEW JERSEY, APRIL 24, 1997...UNITY BANCORP, INC. (AMEX: UBI), parent
company of FIRST COMMUNITY BANK, reported net income of $196.5 thousand for the
first quarter of 1997, off 8% from the first quarter of 1996 net income of
$213.7 thousand.
On December 31st, the Bank opened a new office in Union followed by a Linden
branch, which is now open and operating. Costs associated with the development
of both branches and with the American Stock Exchange listing obtained in
January, contributed to the increased expenses during the first quarter.
The Corporation achieved a 44.6% increase in total assets to $187.6 million at
March 31, 1997, compared to $129.7 million a year earlier. Net loans jumped
50.9% to $104.3 million from $69.1 million last year. Total deposits rose 41.1%
to $168.0 million, compared to $119.0 million at March 31, 1996.
"Net interest income increased 36% to $3.3 million from $2.4 million, and non-
interest income increased 29% to $564 thousand from $438 thousand for the
respective quarters,: reported Chairman and Chief Executive Officer Robert
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Van Volkenburgh. "These increases helped fund the expansion of the Bank's
balance sheet and physical facilities during the past year. We have made a
significant investment in expanding our franchise throughout the Central New
Jersey corridor and expect great benefit from this investment as the branches
mature in their respective markets."
UNITY BANCORP, INC.'S subsidiary FIRST COMMUNITY BANK (AMEX: UBI) is a community
oriented full-service commercial bank, providing a wide range of business and
consumer financial services through its main office in Clinton and its five
branches located in North Plainfield, Flemington, Springfield, Scotch Plains and
Union, New Jersey.
For additional information about the Bank's financial services, call 1-800-
540-4790, or visit FCB's Internet page at http://members.aol.com/FCB.JC. E-mail
can be addressed to the Bank at [email protected].
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