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) May 17, 2002
UNITY BANCORP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE |
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1-12431 |
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22-3282551 |
(State or other jurisdiction |
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(Commission |
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(IRS Employer |
of incorporation) |
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File Number) |
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Identification No.) |
64 OLD HIGHWAY 22, CLINTON, NEW JERSEY |
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08809 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code (908) 730-7630
Item 5. Other
The Registrant issued a press release on May 17, 2002, announcing the Registrants Results of 2002 Shareholders Meeting.
Item 7. Exhibits.
The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. |
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Description |
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99 |
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Press Release dated May 17, 2002. |
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. |
(Registrant) |
Dated: May 17, 2002 |
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By: /s/ Alan J. Bedner Jr. |
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ALAN J. BEDNER JR, CONTROLLER |
EXHIBIT 99
May 17, 2002
News Media & Financial Analyst Contact:
James A. Hughes, EVP
Chief Financial Officer
(908) 713-4306
All Proposals Approved
Clinton, NJ - Unity Bancorp, Inc (NASDAQ: UNTY) today announced that the Companys shareholders had approved all four of Managements proposals at the Companys 2002 Annual Meeting of Shareholders, held last evening. The shareholders elected Managements full slate of directors, and approved an amendment to the Companys certificate of incorporation increasing the number of shares of the Companys authorized common stock, a new stock option plan and the change in the Companys state of incorporation from Delaware to New Jersey.
The Company also reported on its performance, earnings for 2001, goals, strategies and objectives. The significant accomplishments noted during the meeting were: the Companys return to profitably in 2001, the success of the preferred stock exchange, the private placement offering, the lifting of all regulatory orders in the first quarter of 2002 and the Silver and Distinguished Lender Awards by the Small Business Administration.
The Company continues to grow net interest income and non interest income while controlling expenses. Management expects to achieve earnings of $0.65 to $0.70 per share and net interest margin of 4.00% to 4.25% for the full year 2002, explained Chief Financial Officer James A. Hughes in his presentation to shareholders.
Anthony J. Feraro, President and Chief Executive Officer of Unity Bancorp reported the Companys plans, sales strategies, and anticipated revenues. The Company is looking for potential acquisitions where we can incorporate the Unity sales philosophy to underperforming institutions and make them profitable. My personal goal is for the Company to double its pre-tax profits to $4.0 million for 2002 and $6.5 million for 2003, while increasing our efficiency ratio to 56%, said Mr. Feraro. We are very excited about the cross-sell opportunities that will be available to us through Synergy Title Agency, a newly created title company of which Unity owns 40%. For a nominal investment, this initiative will provide an additional source of fee income.
Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with $395 million in assets and $353 million in deposits. Unity Bank provides financial services to retail, corporate & small business customers through its 12 retail service centers located in Hunterdon, Middlesex, Somerset and Union counties in New Jersey. For additional information about Unity visit our website at www.unitybank.com or call 800 618-BANK.
This news release contains certain forward-looking statements, either expressed or implied, which anticipates future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the companys control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.