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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 20, 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.
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The Registrant issued a press release on January 20, 1998 announcing its
preliminary year end 1997 and fourth quarter 1997 results.
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(a) Press Release dated January 20, 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 20, 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 Press Release dated January 20, 1998
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CLINTON, NEW JERSEY, JANUARY 20, 1998 ... UNITY BANCORP, INC. (AMEX:UBI,
UBI:WS), parent company of FIRST COMMUNITY BANK reported record earnings on an
unaudited basis of $2 million for the fiscal year ended December 31, 1997, a 93%
increase over the $1 million reported for 1996. The record earnings resulted in
basic earnings per share of $1.02 for the fiscal year 1997, a 38% increase over
the $.74 earnings per share reported for fiscal 1996. Diluted earnings per
share, as calculated by FASB 128 which includes unexercised warrants and stock
options, was $1.01 per share in 1997 compared to $.73 in 1996.
Additionally, UNITY BANCORP, INC. reported record fourth quarter 1997 earnings
of $780 thousand, an 88% increase over the $415 thousand reported for the same
period of 1996. As a result the earnings per share for the fourth quarter of
1997 are $.39, a 55% increase over the $.25 reported for the same period in
1996.
Total assets at year end 1997 were up 24% to $214 million from the 1996 total of
$173 million. During the same period total depots grew 25% to $192 million from
$154 million and net loans increased 37% to $133 million from $97 million.
Total equity at year end 1997 had grown to $20 million from the $18 million
reported December 31, 1996, representing an 11% increase.
Mr. Robert J. Van Volkenburgh, Chairman of the Board and Chief Executive
Officer, stated, "The record results reported for the fiscal year 1997 and
fourth quarter are the direct result of our business plan which is to provide
quality personal financial service to our customers. The three new branches
opened over the last eighteen months are now providing deposit, loan and
earnings growth, as anticipated. We believe that providing excellent community
banking service to all our customers and communities, differentiates UNITY
BANCORP, INC. from the large regional and national banks that have proliferated
throughout New Jersey."
UNITY BANCORP, INC. and FIRST COMMUNITY BANK President John F. Tremblay noted,
"UNITY's continued strong asset and profit growth in 1997 represents the
strength of its community bank service philosophy. First Community Bank's
excellent commercial lending staff including its' SBA guarantee loan program and
accounts receivable financing product for small companies, provide a combination
of products and service that the larger our-of-state banks cannot match. The
expansion of the consumer lending function, including the residential mortgage
division in 1997 contributed significantly to our increased profitability."
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, New Jersey and its six
branches located in Flemington, Linden, North Plainfield, Scotch Plains,
Springfield and Union, New Jersey.
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