CLINTON, N.J. - Unity Bancorp, Inc. (NASDAQ: UNTY): Unity Bank, a subsidiary of Unity Bancorp, Inc., entered into an agreement with Gramercy Capital Corp., an unaffiliated third party, to purchase three of its currently leased branch locations for $4.325 million. The three purchased properties are located at 1746 Oak Tree Road, Edison, NJ 08820, 104 Raritan Avenue, Highland Park, NJ 08904 and 2426 Plainfield Avenue, South Plainfield, NJ 07080. The settlement occurred on April 17, 2013.
"We are pleased to be the proud owners of three of our prime locations," said James A Hughes, President and CEO. "This transaction will result in approximately $200 thousand per year in expense reduction."
Unity Bancorp, Inc. is a financial service organization headquartered in Clinton, New Jersey, with approximately $827 million in assets and $652 million in deposits. Unity Bank provides financial services to retail, corporate and small business customers through its 15 retail service centers located in Hunterdon, Middlesex, 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 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, and results of regulatory exams, among other factors.