Unity Bancorp Inc. Announces New Share Repurchase Program
01 Agosto 2024 - 8:00AM
Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank,
announced that its Board of Directors has approved a new Share
Repurchase Program. Under this new program, the Company may
repurchase up to 500,000 shares, or approximately 5.0% of its
outstanding common stock. The timing and amount of any repurchases
will depend on a number of factors, including the availability of
stock, general market conditions, the trading price of the stock,
alternative uses for capital, and the Company’s financial
performance.
James A. Hughes, President and CEO, remarked, “We
are pleased to announce the approval of our new share repurchase
plan. We remain excited about our long-term growth prospects and
believe that timely share repurchases enhance shareholder value.
Historically, we have executed share repurchases when our shares
trade near or below tangible book value per share. As always, we
will remain disciplined and regularly assess the utilization of our
capital.
Moreover, this repurchase plan is a testament to
our strong capital position. We are committed to maintaining
discipline in our capital management strategies, and will continue
to assess macro-economic conditions to guide our decisions.”
Since announcing the 2023 Share Repurchase Program
on April 27, 2023, the Company has repurchased 315,355 shares and
has 184,645 shares remaining to be repurchased on this plan. The
2024 Share Repurchase Plan will commence immediately upon the
completion of the 2023 Share Repurchase Plan.
Under the 2024 Share Repurchase Program,
repurchases will be made from time to time by the Company in the
open market as conditions allow, or in privately negotiated
transactions. All or part of the repurchases may be implemented
under a Rule 10b5-1 trading plan, which would allow repurchases
under pre-set terms at times when the Company might otherwise be
prevented from doing so under insider trading laws or because of
self-imposed blackout periods.
Except in the case of repurchases under a Rule
10b5-1 trading plan, the volume, nature, price and timing of the
repurchases are at the sole discretion of management, dependent on
the stock price, market conditions, applicable securities laws
including SEC Rule 10b-18, corporate and regulatory requirements,
capital and liquidity needs or other factors. The Board of
Directors may suspend, discontinue, terminate, modify, cancel or
extend the Share Repurchase Program at any time and for any
reason.
Unity Bancorp, Inc. is a financial service
organization headquartered in Clinton, New Jersey, with
approximately $2.6 billion in assets and $2.0 billion in deposits.
Unity Bank provides financial services to retail, corporate and
small business customers through its retail service centers located
in Bergen, Hunterdon, Middlesex, Morris, Ocean, Somerset, Union and
Warren Counties in New Jersey and Northampton County, Pennsylvania.
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 are provided to
assist the reader in understanding anticipated future financial
performance. These statements may be identified by use of the words
“believe”, “expect”, “intend”, “anticipate”, “estimate”, “project”
or similar expressions. These statements involve certain risks,
uncertainties, estimates and assumptions made by management, which
are subject to factors beyond the company’s control and could
impede its ability to achieve these goals. These factors include
those items included in our Annual Report on Form 10-K under the
heading “Item IA-Risk Factors” as amended or supplemented by our
subsequent filings with the SEC, as well as general economic
conditions, trends in interest rates, the ability of our borrowers
to repay their loans, our ability to manage and reduce the level of
our nonperforming assets, results of regulatory exams, and the
impact of health emergencies or natural disasters on the Bank, its
employees and customers, among other factors.
News Media & Financial Analyst Contact: George
Boyan, EVP & CFO (908) 713-4565
Unity Bancorp (NASDAQ:UNTY)
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