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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)
AUGUST 12, 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 August 12, 1997 announcing the
resignation of James Hyman as President and Chief Operating Officer of the
Registrant and President and Chief Executive Officer of First Community Bank. On
August 13, 1997, the Registrant issued a press release announcing the formation
of a three member committee to manage First Community Bank until a permanent
successor to Mr. Hyman is chosen.
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 August 12, 1997
99b Press Release dated August 13, 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: August 14, 1997 By: /s/ ROBERT VAN VOLKENBURGH
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Robert Van Volkenburgh
Chief Executive Officer
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EXHIBIT INDEX
CURRENT REPORT ON FORM 8-K
Sequential
Exhibit No. Description Page Number
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99a Press Release dated
August 12, 1997
99b Press Release date
August 13, 1997
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EXHIBIT 99a
FIRST COMMUNITY BANK PRESIDENT
AND CEO JAMES HYMAN RESIGNS
CLINTON, NJ, AUGUST 12, 1997: Unity Bancorp, headquartered in Clinton, NJ,
parent holding company of First Community Bank, announced today that they have
accepted the resignation of James Hyman as President and Chief Executive Officer
of First Community Bank and President and Chief Operating Officer of Unity. Mr.
Hyman will also leave the Board of Directors of both companies.
Mr. Hyman said, "I am very gratified by and proud of the progress the Bank
has made since its founding in 1991. Our success is a result of a team effort
and reflects our dedication to being a true community bank and to meeting the
banking needs of the residents and the businesses in the communities we serve.
The Bank is doing well, so I feel comfortable this is a good time for me to move
on to pursue other interests."
Robert Van Volkenburgh, Chairman of Unity Bancorp and the Bank, said:
"Jim's decision has been accepted by both Boards of Directors. Jim has been a
significant factor in starting the Bank and growing it to its present size. We
understand Jim's thinking and wish him much success in his future endeavors."
Van Volkenburgh indicated that the Board has begun to make plans to name a
successor to Mr. Hyman at the Bank.
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First Community has assets of approximately $195 million as of June 30,
1997 and operates seven branches in Hunterdon, Somerset and Union Counties.
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EXHIBIT 99b
FIRST COMMUNITY BANK APPOINTS
INTERIM THREE MEMBER COMMITTEE
CLINTON, NEW JERSEY, AUGUST 13, 1997...UNITY BANCORP, INC. (AMEX: UBI, UBI.WS),
headquartered in Clinton, New Jersey, parent holding company of FIRST COMMUNITY
BANK, announced today that the Board of Directors has chosen a three member
committee to manage the bank on a day to day basis until a permanent successor
is chosen following the recent resignation of James Hyman, president. The
committee is comprised of Peter G. Schoberl, Senior Loan Officer, Thomas
Maresca, Senior Operations Officer and Julie Y. Carlson, Treasurer of the bank
and is reporting to Robert J. Van Volkenburgh, Chairman of the Board and Chief
Executive Officer of UNITY BANCORP, INC.
Mr. Van Volkenburgh stated, "The Board of Directors is conducting a thorough
search for the new candidate."
UNITY BANCORP, INC. is the holding company for FIRST COMMUNITY BANK. FIRST
COMMUNITY BANK, which had assets of approximately $195 million as of June 30,
1997, is a commercial bank providing a wide range of business and consumer
financial services and operates seven branches in Hunterdon, Somerset and Union
Counties.
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