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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) July 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 July 13, 1998 announcing its
results for the Second Quarter of 1998. The Registrant reported record net
income of $618,000, or fully diluted earnings of $0.19 per share, compared to
net income of $462,000, or fully diluted earnings of $0.15 per share for the
Second Quarter of 1997. For the six months ending June 30, 1998, the Registrant
reported net income as totaling $959,000, compared to $659,000 for the same
period of 1997.
In addition, the Registrant issued a press release on July 15, 1998
announcing the declaration of a $.05 per share cash dividend payable on August
14, 1998 to shareholders of record as of July 31, 1998. As a result of the
company's three-for-two stock split, this represents an effective increase of
50% in the Company's recent cash dividend.
Item 7. Exhibits.
The following exhibits are filed with this Current Report on Form 8-K.
Exhibit No. Description
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99(a) Press Release dated July 13, 1998
99(b) Press Release dated July 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: July 27, 1998 By: /s/ KEVIN KILLIAN
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KEVIN KILLIAN, 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 July 13, 1998 5
99(b) Press Release dated July 15, 1998 6
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EXHIBIT 99(a)
UNITY BANCORP, INC. ANNOUNCES RECORD 1998 SECOND QUARTER
AND SIX MONTH EARNINGS
CLINTON, NEW JERSEY, JULY 13, 1998 ... UNITY BANCORP, INC. (AMEX: UBI, UBLWS),
parent company of First Community Bank, reported net income of $618,000 for the
second quarter 1998, up 34% from $462,000 for the second quarter 1997.
For the six months ended June 30, 1998, net income grew 46%, totaling $959,000
compared to $659,000 for the first six months of 1997.
Year to date results show a 22% increase in diluted earnings per share of $0.30,
compared to $0.22 for the first six months of 1997. For the second quarter 1998,
diluted earning per share increased 22% to $0.19, compared to $0.15 for the same
period of 1997.
Unity Bancorp, Inc.'s total assets rose to $230,000,000 at June 30, 1998, up 18%
compared to $195,000,000 a year earlier. Net loans increased to $138,000,000 up
20% from the $115,000,000 last year. Total deposits rose 19% to $208,000,000,
compared to $175,000,000 at June 30, 1997.
"We continue to see growth in our core small business loan product while our
emphasis on consumer lending has resulted in a significant increase in overall
consumer loan outstanding, and home equity loans," reported Chairman and Chief
Executive Officer Robert 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, North Plainfield, Springfield, Scotch Plains, Union, and
Linden, New Jersey.
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EXHIBIT 99(b)
UNITY BANCORP, INC. ANNOUNCES
CASH DIVIDEND; DIVIDEND RATE MAINTAINED
DESPITE THREE-FOR-TWO STOCK SPLIT
CLINTON, NEW JERSEY, JULY 15, 1998 . . . UNITY BANCORP, INC. (AMEX: UBI,
UBLWS), announced today that its Board of Directors had declared a regular cash
dividend of $.05 per share payable August 14, 1998 to shareholders of record on
July 13, 1998. This dividend will mark the 15th consecutive quarter in which the
Company has paid a cash dividend, and, as a result of the Company's
three-for-two stock split, represents an effective increase of 50% in the
Company's recent cash dividend.
Mr. Robert J. Volkenburgh, Chairman of the Board of UNITY BANCORP, INC., stated,
"The Board elected to maintain our regular quarterly cash dividend, which
combined with the stock split, puts 50% more cash in the hands of our
shareholders, and reflects our Board's continued confidence in the Company's
future performance and prospects. We believe the dividend and our recent stock
split continues to show the Board's commitment to maximizing shareholder value."
UNITY BANCORP, INC. operates through its sole subsidiary, FIRST COMMUNITY BANK,
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 branch office locations in the Flemington, Linden, North
Plainfield, Scotch Plains, Springfield, and Union, New Jersey. At June 30, 1998,
the Company had total assets of $230 million, total net loans of $138 million,
and total deposits of $208 million. In addition, for the six months ended June
30, 1998, the Company reported net income of $959,000, or $0.30 per share.
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