Clinton-based Unity Bancorp, the parent company of Unity Bank, has been selected for the second year in a row for the national Top 25 Banks ranking published by Bank Director magazine.
Unity was 13th nationally on the ranking of the largest 300 publicly traded banks and seventh nationally for banks in the $1 billion to $5 billion asset category. Both of those rankings represented improvements from the 2022 ranking for Unity, which came in at 21st nationally and ninth in its asset category on the previous list.
Unity holds approximately $2.6 billion in assets and $1.8 billion in deposits.
Published annually since 2017, the list is based on the prior year’s performance and identifies the best U.S. banks in the areas of balance growth and profitability, asset quality, long-term shareholder value and achieving goals in a safe and sound manner. The rankings evaluate profitability, capital adequacy, asset quality and total shareholder return. The investment bank Piper Sandler compiles the list using data from S&P Global Market Intelligence.
“We are honored to be recognized on this prestigious national ranking for the second consecutive year,” Unity Bank CEO and President James Hughes said. “We continue to invest in our future by opening new branches, expanding our service area and providing new opportunities for our employees to grow while delivering value for our shareholders. Our customers, employees and directors have positioned Unity for success, a fact that is quite evident in the Bank Director rankings.”
Unity’s second appearance on Top 25 Banks was highlighted by its profitability performance. The bank ranked 12th nationally for Return on Average Assets.
