Unity was ranked No. 15 on the list by the banking and finance magazine. Overall, the list had five New Jersey banks on it.
Here they are and their rankings:
“We are honored to be the top ranked community bank in New Jersey on the American Banker list as it illustrates Unity’s continued financial strength and performance,” James A. Hughes, CEO and president, Unity Bank, said. “The bank’s fiscal health could not be more important given the business challenges presented by the coronavirus crisis. Unity is better positioned to invest in the community because of our financial stability. The bank’s continued success is a tribute to the Unity’s sales and service culture, and the diversity of our products.”
The 511 U.S.-based institutions that made the list had less than $2 billion in assets as of Dec. 31, 2019 and are publicly traded, American Banker said. Rankings were determined based on a three-year return on average equity. The ROAE for the 511 institutions was 8.6%.