Form 8-K
8-K — UNITY BANCORP INC /NJ/
Accession: 0001193125-26-399476
Filed: 2026-09-23
Period: 2026-09-23
CIK: 0000920427
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — unty-20260923.htm (Primary)
EX-99.1 (unty-ex99_1.htm)
GRAPHIC (img44485774_0.jpg)
GRAPHIC (img259453895_0.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: unty-20260923.htm · Sequence: 1
8-K
false000092042700009204272026-09-232026-09-23
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
September 23, 2026
Date of Report (Date of earliest event reported)
UNITY BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
New Jersey
(State or Other Jurisdiction of Incorporation)
1-12431
22-3282551
(Commission File Number)
(IRS Employer Identification No.)
64 Old Highway 22
Clinton, NJ 08809
(Address of Principal Executive Office)
(908) 730-7630
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a12 under the Exchange Act (17 CFR 240.14a‑12)
☐
Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))
☐
Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock
UNTY
NASDAQ
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Attached as Exhibit 99.1 is a copy of the press release announcing that James A. Hughes, Chief Executive Officer of the Company and Unity Bank, a wholly-owned subsidiary of the Company (the "Bank"), has informed the Board of Directors (the "Board") of his intention to retire from his executive positions effective March 31, 2027. Mr. Hughes will continue to serve as a member of the Board of Directors of the Company and the Bank following his retirement from executive service.
Mr. Hughes' decision to retire was not the result of any disagreement with the Company or the Bank regarding the Company's or the Bank's operations, policies, practices, or any matter relating to the Company's or the Bank's financial statements, internal controls, or governance.
Following Mr. Hughes’ notice to the Board, and pursuant to the Company’s considered succession plan, the Board will appoint George Boyan, who currently serves as President of the Company and the Bank, to the position of President and Chief Executive Officer of the Company and the Bank, effective April 1, 2027.
Mr. Boyan, age 44, joined the Company in 2021 and has held a variety of leadership roles, including serving as Executive Vice President and Chief Financial Officer from 2022 until 2025. Commencing on January 1, 2026, Mr. Boyan was promoted to President of the Company and the Bank. Mr. Boyan does not have an interest requiring disclosure under either Items 401(d) and 404(a) of Regulation S-K, and the information required under Items 401(b) and (e) of Regulation S-K related to any material plan, contract or arrangement with respect to Mr. Boyan is incorporated by reference to the information under the captions "Proposal 1 - Election of Directors" and “Executive Compensation” in the Company's definitive proxy statement filed with the Securities and Exchange Commission on March 6, 2026.
In connection with the foregoing succession planning and retirement arrangements, on September 17, 2026, the Company and Mr. Hughes entered into:
•
An amendment to the Unity Bancorp, Inc. Supplemental Executive Retirement Plan (the "SERP"), pursuant to which the retirement benefit percentage under SERP will increase from 60% to 65% of the applicable compensation measure utilized under the SERP. All other terms and conditions of the SERP will remain in effect except as otherwise modified by the amendment. The amendment is intended to recognize Mr. Hughes' long-term service, his contributions to the Company's strong performance, and to facilitate an orderly leadership transition. This will result in a one time pre-tax expense of $769 thousand to be recognized during the quarter ending September 30, 2026.
Item 7.01 Regulation FD Disclosure.
On September 23, 2026, the Company issued a press release announcing the retirement of Mr. Hughes, the appointment of Mr. Boyan as his successor, and Mr. Hughes' continued service as a director of the Company and the Bank.
A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to Item 7.01 of this Current Report, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1
Press release issued by the Registrant on September 23, 2026
Exhibit 104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
UNITY BANCORP, INC.
(Registrant)
Date: September 23, 2026
By:
/s/ James Davies
James Davies
First Senior Vice President & Chief Financial Officer
EX-99.1
EX-99.1
Filename: unty-ex99_1.htm · Sequence: 2
EX-99.1
Exhibit 99.1
Unity Bancorp, Inc.
64 Old Highway 22
Clinton, NJ 08809
800 618-BANK
www.unitybank.com
News
For Immediate Release:
September 23, 2026
News Media & Financial Analyst Contact:
James Davies
FSVP and Chief Financial Officer
(908) 713-4330
UNITY BANCORP, INC. AND UNITY BANK ANNOUNCE RETIREMENT OF CEO JAMES A. HUGHES AND PLANNED LEADERSHIP SUCCESSION. George Boyan to Become Chief Executive Officer on April 1, 2027; Hughes to Continue Serving on Company and Bank Board
CLINTON, N.J., September 23, 2026 - Unity Bancorp, Inc. (NASDAQ: UNTY) and its wholly owned subsidiary, Unity Bank, today announced that James A. Hughes will retire from his position as Chief Executive Officer of the Company and the Bank effective March 31, 2027, following more than 26 years of dedicated service. Mr. Hughes will continue to serve on the Boards of Directors of both Unity Bancorp, Inc. and Unity Bank following his retirement.
As part of a deliberate, multi-year succession planning process, the Boards unanimously selected current President George Boyan to succeed Mr. Hughes as Chief Executive Officer effective April 1, 2027. Mr. Boyan will continue to serve as President of the Company and the Bank, a position he has held since January 1, 2026. During his tenure with Unity, he has held key executive leadership responsibilities and has been a key contributor to the Company’s growth, commercial banking expansion, operational performance, and talent development initiatives.
During Mr. Hughes’ tenure, Unity achieved significant growth, enhanced shareholder value, expanded its presence across New Jersey and Pennsylvania, strengthened its commercial and retail banking capabilities, and established itself as a leading community banking institution. Under his leadership, Unity remained committed to relationship-based banking while delivering strong financial performance and fostering a culture centered on customer service, integrity, accountability, and community involvement.
"Jim Hughes has left an indelible mark on Unity." said David D. Dallas, Chairman of the Board. "His vision, integrity, and commitment to community banking have shaped our organization and positioned it for long-term success. On behalf of the Boards of Directors, I thank Jim for his extraordinary leadership and more than 26 years of dedicated service to our customers, employees, shareholders, and communities. We are especially pleased that he will continue serving on both Boards, where his experience, judgment, and institutional knowledge will remain invaluable.”
"It has been the privilege of a lifetime to serve Unity, our customers, our shareholders, our employees, and the communities we serve,” said James A. Hughes. “I am incredibly proud of what we have accomplished together over the past 26 years. Unity’s success has always been driven by the dedication of our employees and our commitment to building meaningful relationships with our customers. I have complete confidence in Unity’s future and in George’s ability to lead the organization through its next chapter. I look forward to continuing to support Unity as a member of the Boards of Directors.”
"George is the right leader to guide Unity forward,” said Dallas. “He has a deep understanding of our business, culture, markets, and strategic priorities. His selection reflects the strength of our succession planning process and the Boards’ confidence in Unity’s future. We are confident that George will build upon the strong foundation established under Jim’s leadership while preserving the relationship-based banking model that has been central to Unity’s success."
"I am honored by the Boards’ confidence and grateful for Jim’s mentorship, leadership, and friendship over the years,” said George Boyan. “Unity has an exceptional team, a strong culture, and a proven relationship-based banking model. I look forward to working alongside our employees, management team, and Board as we continue delivering exceptional service to our customers, supporting our communities, and creating long-term value for our shareholders”
The Board emphasized that the leadership transition reflects a well-planned succession process and positions the Company for continued growth, while preserving the relationship-based community banking model that has defined Unity's success.
James Hughes' Legacy at Unity
Throughout his 26-year career with Unity Bank and Unity Bancorp Inc, Jim Hughes played a pivotal role in transforming the organization into one of the nation’s premier community banking institutions. Under his leadership, Unity remained committed to its relationship-driven banking model while delivering sustained growth, strong financial performance, and long-term value creation for shareholders.
Among the many accomplishments achieved during Mr. Hughes' tenure:
•
Played a pivotal role in building Unity into one of the nation's standout community banking institutions, delivering exceptional long-term growth in assets, earnings, and shareholder value while maintaining the Bank's commitment to customer service and supporting local communities.
•
Grew total assets from approximately $356.0 million to $3.2 billion.
•
Increased shareholder value through disciplined capital management and consistent earnings performance.
•
Expanded Unity's footprint to 22 branch locations across New Jersey and Pennsylvania.
•
Increased book value per share over 8.5x since his start date.
•
Delivered compounded annualized shareholder returns of approximately 17.0% during his leadership tenure.
•
Grew the Company's market capitalization from approximately $7.4 million to more than $575 million.
•
Strengthened Unity's position as a leading community banking franchise known for exceptional customer service, local decision-making, and strong asset quality.
About Unity Bancorp, Inc.
Unity Bancorp, Inc. (NASDAQ: UNTY) is the parent company of Unity Bank, a financial services organization based in Clinton, New Jersey. Unity Bank operates 22 branches across New Jersey and the Lehigh Valley, Pennsylvania, offering community-focused commercial banking services, including deposit accounts, loans, and digital services. For details, 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, visit FDIC.gov.
GRAPHIC
GRAPHIC
Filename: img44485774_0.jpg · Sequence: 3
Binary file (31260 bytes)
Download img44485774_0.jpg
GRAPHIC
GRAPHIC
Filename: img259453895_0.jpg · Sequence: 4
Binary file (17379 bytes)
Download img259453895_0.jpg
XML — IDEA: XBRL DOCUMENT
XML
Filename: R1.htm · Sequence: 7
v3.26.3
Document and Entity Information
Sep. 23, 2026
Cover [Abstract]
Document Type
8-K
Amendment Flag
false
Document Period End Date
Sep. 23, 2026
Entity Central Index Key
0000920427
Entity Registrant Name
UNITY BANCORP, INC.
Entity Incorporation, State or Country Code
NJ
Entity File Number
1-12431
Entity Tax Identification Number
22-3282551
Entity Address, Address Line One
64 Old Highway 22
Entity Address, City or Town
Clinton
Entity Address, State or Province
NJ
Entity Address, Postal Zip Code
08809
City Area Code
908
Local Phone Number
730-7630
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Title of 12(b) Security
Common stock
Trading Symbol
UNTY
Security Exchange Name
NASDAQ
Entity Emerging Growth Company
false
X
- Definition
Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
No definition available.
+ Details
Name:
dei_AmendmentFlag
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Area code of city
+ References
No definition available.
+ Details
Name:
dei_CityAreaCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Cover page.
+ References
No definition available.
+ Details
Name:
dei_CoverAbstract
Namespace Prefix:
dei_
Data Type:
xbrli:stringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
No definition available.
+ Details
Name:
dei_DocumentPeriodEndDate
Namespace Prefix:
dei_
Data Type:
xbrli:dateItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details
Name:
dei_DocumentType
Namespace Prefix:
dei_
Data Type:
dei:submissionTypeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 1 such as Attn, Building Name, Street Name
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine1
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the City or Town
+ References
No definition available.
+ Details
Name:
dei_EntityAddressCityOrTown
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Code for the postal or zip code
+ References
No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
X
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration