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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)
February 5, 1997
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Unity Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-12565 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 February 5, 1997 announcing its
preliminary fourth fiscal quarter 1996 earnings and a press release on February
11, 1997 announcing its 1996 year end results.
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 February 5, 1997
announcing the Registrant's preliminary
fourth fiscal quarter 1996 earnings.
99b Press Release dated February 11, 1997 announcing the
Registrant's 1996 year end results.
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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: February 26, 1997 By: /s/ JAMES HYMAN
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James Hyman
President and Chief
Operating 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 February 5, 1997 announcing
the Registrant's preliminary fourth fiscal
quarter 1996 earnings.
99b Press Release dated February 11, 1997
announcing the Registrant's 1996 year end results.
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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. RELEASE PRELIMINARY
FOURTH QUARTER 1996 EARNINGS
CLINTON, NEW JERSEY, FEBRUARY 5, 1997...UNITY BANCORP, INC. (AMEX: UBI), parent
of First community Bank, announced today the preliminary results for the fourth
quarter of 1996.
The results indicate the Company's fourth quarter earnings will rise 102.7% to
$415,100 from $204,800 for the previous year. Earnings per share for the fourth
quarter in 1996 grew 47.1% to $.25, compared to $.17 in 1995. Per share earnings
are adjusted to reflect a 5-for-4 stock split in October 1996. The earnings
growth capped a quarter during which the corporation self-underwrote an
over-subscribed capital offering for more than $5.5 million.
Total assets will close at $172.7 million, a growth of 41.8% over the 1995 total
of $121.8 million, while year-end Total Equity will equal almost $18 million; a
112% increase over 1995's total of $8.8 million.
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. The bank is a Preferred Lender in New Jersey, Pennsylvania,
New York and Delaware under the United States Small Business Guarantee Loan
Program.
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. RELEASES FOURTH QUARTER 1996 EARNINGS
CLINTON, NEW JERSEY, FEBRUARY 11, 1997...UNITY BANCORP, INC. (AMEX: UBI), parent
of First Community Bank, reported an increase of 102.7% in fourth quarter
earnings to $415.1 thousand from $204.8 thousand one year earlier. Respective
earnings per share for the two periods grew 47.1% to $.25 form $.17.
Full year operating income, excluding non-recurring charges, rose 26% to $1.267
million as compared to $1.005 million in 1995. Operating earnings per share in
1996 rose to $.89 form $.83 in 1995.
Net income for 1996 was reduced by a congressionally mandated, one-time charge
during the third quarter of $370,000 to help recapitalize the Savings
Association Insurance Fund. Net income for 1996, including the charge, was
$1.044 million or $.17 per share.
Total assets at year end 1996 were up 41.8% to $172.7 million, from the 1995
total of $121.8 million. During the same period, total deposits grew 38.3% to
$153.6 million, from $111.8 million, and net loans jumped 65.7% to $96.9 million
from $58.5 million.
Total equity at year end had grown to $18 million, a 112% increase over the $8.5
million reported on year earlier.
UNITY BANCORP, INC.'s Chairman and Chief Executive Officer, Robert Van
Volkenburgh, noted the continuing growth of the corporation's assets and
earnings as indicative of the strong trends achieved by the organization in
recent years. "The grand opening of our Client Headquarters, along with the
establishment of new, full-service bank branches in Scotch Plains and Union,
enhanced our market presence in the Central Jersey corridor. The incredible
success of our Capital Offering late in 1996 has now provided the means to
continue our expansion plans into 1997."
Application is currently pending for a new full-service office on North Wood
Avenue, Linden, NJ. "We anticipate approval shortly", continued Mr. Van
Volkenburgh, "and we plan to open in a temporary facility during March with the
permanent office completed by the beginning of the third quarter."
The Bank expanded its product lines with the January 1997 introduction of a
residential mortgage banking division, and a new commercial finance product for
small businesses to provide cash for their accounts receivable; named "Cash Flow
Manager". "The mortgage division rounds out consumer credit services provided by
the Bank", stated UNITY BANCORP, INC.'s President, James Hyman, "while "Cash
Flow Manager" is a strong compliment to our commercial lending effort by
enabling small businesses to increase cash in a way that was previously reserved
for larger companies." As a Preferred SBA Lender in New Jersey, Pennsylvania,
New York and Delaware, First Community has direct access to government
guaranteed loans to assist in financing small business expansion. With "Cash
Flow Manager" a new financial tool can help these same companies meet the
financial demand of expanding even further.
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.
