|
|
Unity Bank has been awarded the Raymond James Community Bankers Cup for 2022. Pictured with the award are Unity’s Clinton branch team (from left) Cynthia O’Keefe, Lisa Steele, Tracy Totorello, Jadzia Card, Lauren Clark, and Armine Schonmon. (Photo provided by Unity Bank)
July 6, 2023 – Unity Bank has been awarded the Raymond James Community Bankers Cup for 2022, an honor that recognizes the top 10% of community banks based on various profitability, operational efficiency, and balance sheet metrics. Unity was the only New Jersey headquartered bank recognized for the honor from Raymond James, an independent investment bank and research firm.
“We are honored to be selected for the Raymond James Community Bankers Cup,” said Unity Bank President & CEO James A. Hughes. “Unity Bank is a financially strong, conservatively managed community bank that is ideally positioned to continue to serve our customers and community. We continue to invest in our future by opening new branches, expanding our service area and providing new opportunities for our employees to grow while delivering value for our shareholders.”
Unity was ranked 17th nationally among the 216 community banks considered for the Community Bankers Cup. The top 10% demonstrated superior performance for:
-
Nonperforming assets to loans and real estate owned
-
Five-year average core deposit percentage
-
Net interest margin (NIM)
-
Efficiency ratio
-
Return on average assets (ROAA)
-
Return on average tangible common equity (ROTCE)
The pool of banks considered for recognition included all exchange-traded domestic banks, excluding mutual holding companies and potential acquisition targets, with assets between $500 million and $10 billion as of December 31, 2022.
Unity Bank holds about $2.5 billion in assets and $1.8 billion in deposits. The bank currently operates 20 branches throughout New Jersey and Lehigh Valley, Pennsylvania.
About Unity Bancorp, Inc.
Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, its primary and wholly owned subsidiary, is a financial services organization headquartered in Clinton, New Jersey. Unity Bank provides financial services to businesses and consumers at 20 branches throughout New Jersey and the Lehigh Valley, Pennsylvania. Unity Bank provides community-oriented commercial banking services, including deposit accounts, loans, online and mobile services. For more information, please visit unitybank.com or call 800-618-BANK (800-618-2265).Unity Bank is a member of the Federal Deposit Insurance Corporation (FDIC). To learn about FDIC insurance for deposits with member banks, please visit FDIC.gov.
Information provided to TVL by:
Fred Feiner
Yankee Public Relations
https://www.yankeepr.com/
