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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) August 25, 1998
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 August 25, 1998 announcing that
the Company had executed long-term leases with First States Properties for eight
(8) new branch locations. The branches are existing bank offices located in
Cranford, Kenilworth, Berkeley Heights and Springfield in Union County, New
Jersey and in East Brunswick, North Brunswick, South Plainfield and Edison in
Middlesex County, New Jersey. The Company had previously announced the execution
of a lease for a new branch in the Colonia section of Woodbridge Township,
Middlesex County, New Jersey and construction of a new office in Whitehouse,
Hunterdon County, New Jersey. The Company anticipates that pending regulatory
approvals, these branches will open in stages from January through May, 1999.
At the completion of this expansion, the Company will have a 17 office network.
The Company stated that it believed that its costs of acquiring these
existing branch locations will be substantially less than the costs required for
building de novo facilities. The Company noted that historically, the eight (8)
existing branch locations had averaged $50 million in deposits and that the
Company anticipated its breakeven point for the branches to be $9 million in
deposits. The Company further indicated that it believed the breakeven point can
be reached within 12 months.
This filing contains forward-looking statements with the meaning of Section
21E of the Securities Exchange Act of 1934, as amended, affecting components of
the Company's future performance during 1999. The Company believes these
statements to be reasonable and makes them in good-faith; however, the Company's
actual results may vary substantially from such forward-looking statements.
Factors which may make the actual results different from the anticipated results
include, but are not limited to, changes in economic activity in the Company's
local market areas, changes in market rates of interest, unforeseen competition,
changes in customer economic activity which may effect deposit activity and loan
originations and other uncertainties, all of which are difficult or impossible
to predict and beyond the control of the Company. Accordingly, investors should
not rely upon these forward-looking statements in making investment decisions.
ITEM 7. EXHIBITS.
The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
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99 Press Release dated August 25, 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.
(Registrant)
Dated: September 14, 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 Press Release dated August 25, 1998
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