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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 16, 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.
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The Registrant issued a press release on October 16, 1997 announcing its
third quarter 1997 earnings.
Item 7. Exhibits.
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The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
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99 Press Release dated October 16, 1997.
Page 2 of 5
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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.
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(Registrant)
Dated: October 17, 1997 By: /s/ JULIE Y. CARLSON
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Julie Y. Carlson
Chief Financial Officer
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EXHIBIT INDEX
CURRENT REPORT ON FORM 8-K
Exhibit No. Description Page No.
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99 Press Release dated October 16, 1997.
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EXHIBIT 99
PRESS RELEASE
CLINTON, NEW JERSEY, OCTOBER 16, 1997 ... UNITY BANCORP, INC. (AMEX: UBI,
UBIWS), parent company of FIRST COMMUNITY BANK, reported net income rose by
$449,000 or 354%, to $575,800 for the three months ended September 30, 1997,
compared to $126,700 in 1996. Earnings per share increased to $.29 in the third
quarter, compared to $.09 for the same period ending September 30, 1996.
Net income for the nine months ended September 30, 1997, totaled $1.2
million, an increase of 96% or $605,000, compared to $629,300 in 1996. Earnings
per share increased to $.63 in 1997 compared to prior year earnings of $.47 per
share. Net income for the period ending September 30, 1996 included the
one-time, Congressionally mandated SAIF assessment of $370,000. Operating net
income excluding the one-time SAIF assessment for the quarter ending September
30, 1996 totaled $348,800 or $.25 per share, and $851,400 or $.63 per share for
the nine month period in 1996.
The Corporation achieved a 30.7% increase in total assets to $204.5
million as of September 30, 1997 compared to $156.5 million a year earlier. Net
loans increased 4.16% to $126.3 million from $89.2 million last year. Total
deposits grew 28.6% to $183.9 million, compared to $143.0 million at September
30, 1996.
"These excellent third quarter results show the benefits of our
significant growth and improving profit trends," remarked Chairman and Chief
Executive Robert Van Volkenburgh. The Corporation marked its sixth anniversary
by reporting over $200 million in total assets, an increase of 231% from the $62
million at inception. "Expansion of the Bank's branch system in the Central
Jersey marketplace contributed to the $204.5 million in total assets by
increasing the Corporation's deposits which was instrumental in funding the
strong loan growth," stated Mr. Van Volkenburgh.
UNITY BANCORP, INC.'s subsidiary, FIRST COMMUNITY BANK 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 six
branches located in Flemington, Linden, North Plainfield, Scotch Plains,
Springfield and Union, New Jersey.
