April 23, 2013
/PRNewswire/ -- 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
. The three purchased properties are located at 1746 Oak Tree Road,
08820, 104 Raritan Avenue,
Highland Park, NJ
08904 and 2426 Plainfield Avenue,
South Plainfield, NJ
07080. The settlement occurred on
"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
per year in expense reduction."
Unity Bancorp, Inc. is a financial service organization headquartered in
Clinton, New Jersey
, with approximately
in assets and
in deposits. Unity Bank provides financial services to retail, corporate and small business customers through its 15 retail service centers located in
and Northampton County, Pennsylvania. For additional information about Unity, visit our website at
, 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 performan
ce. These statements may be ident
ified by use of t
e words "believe", "expec
t", "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.
SOURCE Unity Bancorp, Inc.