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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) January 13, 1998
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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.
The Registrant issued a press release on January 13, 1998 announcing the
declaration of a $.05 per share cash dividend payable on February 13, 1998 to
shareholders of record as of January 23, 1998.
In addition, the Registrant announced on January 15, 1998 that its Board of
Directors had authorized a stock buyback program pursuant to which the Company
may repurchase from time to time up to 100,000 shares of its common stock in
open market or privately negotiated transactions.
Item 7. Exhibits.
The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
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99(a) Press Release dated January 13, 1998
99(b) Press Release dated January 15, 1998
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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: January 15, 1998 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(a) Press Release dated January 13, 1998
99(b) Press Release dated January 15, 1998
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EXHIBIT 99(a)
PRESS RELEASE
UNITY BANCORP, INC. ANNOUNCES
CASH DIVIDEND
CLINTON, NEW JERSEY, January 13, 1998 -- Unity Bancorp, Inc. (AMEX:UBI,
UBI:WS) announced that the Board of Directors of Unity Bancorp, Inc. declared a
regular quarterly cash dividend of $.05 per share payable on February 13, 1998
to shareholders of record as of January 23, 1998. This dividend will mark the
13th consecutive quarter in which the Company has paid a regular cash dividend.
Mr. Robert J. Van Volkenburgh, Chairman of the Board and Chief Executive
Officer of the Company, stated "This cash dividend reflects the continued growth
of the Company and continues the Board's policy of maximizing the return to our
shareholders."
The Company also announced that Mr. Walter Hazard, a director of the
Company since 1997 and a director of First Community Bank since 1990, had
resigned to pursue personal business interests.
Unity Bancorp, Inc. is the holding company for First Community Bank, a full
service commercial bank which maintains its main office in Clinton, New Jersey
and operates through six branches located in the Flemington, Linden, North
Plainfield, Scotch Plains, Springfield and Union, New Jersey.
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EXHIBIT 99(b)
PRESS RELEASE
UNITY BANCORP, INC. ANNOUNCES
STOCK BUY BACK
CLINTON, NEW JERSEY, JANUARY 15, 1998 -- UNITY BANCORP, INC. (AMEX:UBI,
UBI.WS), announced that its Board of Directors had approved a stock repurchase
program pursuant to which the Company may repurchase from time to time up to
100,000 shares of its outstanding common stock. Purchases under the Program may
be made in open market or privately negotiated transactions.
The Company today also announced the initiation of a dividend reinvestment
program pursuant to which shareholders of the Company will be permitted to
purchase additional shares of the Company's common stock with their quarterly
dividends and additional cash contributions. Shares purchased by the Company
through the repurchase program will be used to fund the dividend reinvestment
program, the Company's stock option plans and for other corporate purposes.
Mr. Robert J. Van Volkenburgh, Chairman and Chief Executive Officer of the
Company stated "We believe this stock repurchase program is a good investment of
the Company's capital and will enhance the value of our shareholders' investment
in the Company."
UNITY BANCORP, INC. is the holding company for FIRST COMMUNITY BANK, a full
service commercial bank which maintains its main office in Clinton, New Jersey
and operates through six branches located in the Flemington, Linden, North
Plainfield, Scotch Plains, Springfield and Union, New Jersey.
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