Unity Bancorp, based in Clinton, has been named the top ranked New Jersey community bank in American Banker‘s list of the Top 200 Publicly Traded Community Banks.
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:
15. Unity Bancorp, Clinton;
16. Parke Bancorp, Sewell;
26. Marlin Business Services, Mount Laurel;
128. 1st Colonial Bancorp, Cherry Hill;
161. First Commerce Bank, Lakewood.
“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%.
