Unity Bank Selected for the ICBA Best-Performing Banks 2023 List
10 Maggio 2023 - 6:01PM
The Independent Community Bankers of America® (ICBA) has selected
Unity Bank for its Best-Performing Banks 2023 list, which annually
ranks the top community banks in the country.
Unity, the only New Jersey headquartered bank
selected for the honor, was listed at number 25 out of 352 ICBA
member banks with assets of $1 billion or higher. Unity holds about
$2.5 billion in assets and $1.8 billion in deposits.
“We are honored to make this prestigious list of
the top performing community banks in the U.S.,” said Unity Bank
President & CEO James A. Hughes. “As a conservatively run and
profitable community bank, we are well-capitalized and
well-positioned to continue to serve our customers and community.
The ICBA recognition is a tribute to our employees, board and
management team for delivering value for our shareholders and
customers by maintaining the bank’s financial strength and
investing in our future.”
ICBA compiles the rankings by recognizing
community banks who are high performers over several years. Using
Federal Deposit Insurance Corporation (FDIC) data, ICBA takes into
account pre-tax return-on-assets (ROA) figures from the past three
years, with the most recent year weighted at three times, second
most recent year at two times and third most recent year at one
time. ICBA then divides the community banks into three broad
segments based on asset size and ranks each segment based on the
three-year weighted average ROA. A bank must have a rating of C or
higher by Kroll Bond Ratings (formerly LACE) to be considered for
ranking.
To see the full Best-Performing Banks 2023 list,
please visit ICBA at
www.independentbanker.org/article/2023/04/28/icba's-top-performing-community-banks-of-2023.
About ICBAThe Independent
Community Bankers of America® creates and promotes an environment
where community banks flourish. ICBA is dedicated exclusively to
representing the interests of the community banking industry and
its membership through effective advocacy, best-in-class education,
and high-quality products and services.
With nearly 50,000 locations nationwide,
community banks employ nearly 700,000 Americans and are the only
physical banking presence in one in three U.S. counties. Holding
$5.8 trillion in assets, $4.8 trillion in deposits, and $3.8
trillion in loans to consumers, small businesses and the
agricultural community, community banks channel local deposits into
the Main Streets and neighborhoods they serve, spurring job
creation, fostering innovation and fueling their customers' dreams
in communities throughout America. For more information, visit
ICBA's website at www.icba.org.
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.
MEDIA CONTACT:Fred FeinerYankee
Public Relations(908) 425-4878fred@yankeepr.com
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