EXHIBIT 99(A)
UNITY BANCORP COMPLETES SALE OF BRANCHES
CLINTON, NEW JERSEY, December 11, 2000 ... UNITY BANCORP, INC. (NASDAQ NM:
UNTY), announced today that its subsidiary, Unity Bank, had completed the sale
of four bank branches located in Cranford, Kenilworth, Springfield at Millburn
Avenue, and East Brunswick, New Jersey to SI Bank & Trust, a Staten Island based
bank.
Under the terms of the transaction, Unity Bank will recognize a gain of
$2.7 million, based on assumed deposits of approximately $42 million and an
agreed deposit premium of 6.5%.
Mr. David Dallas, Chairman of the Unity Bancorp, Inc. and Unity Bank
stated, "As previously disclosed, Unity anticipates reporting the sale of one
additional branch later this week to Hilltop Community Bank, a community bank
based in Summit, New Jersey. Together, the sales help the Company meet its
capital plan, increase profitability going forward, and improve shareholder
value. These transactions presented a tremendous opportunity to strengthen our
franchise by enabling us to better focus on the financial needs of consumers and
small businesses in the communities served by our remaining network of 12 full
service branches."
Unity Bancorp, Inc., is a holding company for Unity Bank headquartered in
Clinton, New Jersey. Unity provides a variety of retail and commercial financial
services through 12 full-service branches located in Hunterdon, Middlesex, Union
and Somerset Counties. Unity Bank is a leading "Preferred Lender" of SBA
financing in New Jersey, Pennsylvania, Delaware and New York.
For additional information about the Bank, call Unity Direct at
800.618.BANK, or visit Unity's website at www.unitybank.com. E-mail may be
addressed to the Bank at [email protected].
This press release contains statements regarding possible future events and
performance. These statements constitute "forward looking statements" as defined
under Section 21E of the Securities Exchange Act of 1934, as amended. The
accuracy of these statements is subject to a number of uncertainties and
contingencies, many of which are out of the control of the Company. These
uncertainties and contingencies include future economic conditions, the future
direction of interest rates, business activity within the Company's market area
and many other factors. Investors should not unduly rely upon these
forward-looking statements.
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Contact: Anthony J. Feraro, President Unity Bank 908.730.7630
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