Unity Bancorp, Inc. (NASDAQ: UNTY) announced that Executive Vice President and Chief Financial Officer George Boyan will become President effective January 1, 2026, and that he will join the boards of both Unity Bancorp and its wholly‑owned subsidiary, Unity Bank, on the same date. James Davies, who has served as Senior Vice President and Controller, will assume the CFO role on January 1, 2026, succeeding Boyan.
The promotion follows a period of solid financial performance. In the third quarter of 2025, Unity Bancorp reported net income of $14.4 million, a slight decline from $16.5 million in the prior quarter but an increase from $11.5 million in Q4 2024. For the nine months ended September 30, 2025, net income rose to $42.5 million, up 42% from $29.9 million in the same period of 2024, reflecting stronger loan growth and higher fee income.
CEO James Hughes said the changes reinforce Unity’s “strength and depth of leadership.” He noted that Boyan’s financial expertise and operational experience will help the bank accelerate its growth strategy, while Davies’ background in cost management and capital planning positions him to support the company’s expansion plans and maintain profitability. The appointments are part of a broader effort to strengthen the executive team and support continued growth in New Jersey and Pennsylvania markets.
The leadership transition signals continuity and stability. With Boyan moving to President, the bank preserves a familiar strategic vision while bringing fresh financial oversight under Davies. The board appointments give both executives a direct voice in corporate governance, aligning executive incentives with long‑term shareholder value. The move also positions Unity to pursue new branch openings—such as the 22nd branch in Madison, New Jersey, opened in Q3 2025—and to maintain its dividend growth, which increased by 7% in the third‑quarter cash dividend.
Analysts view the promotion as a positive step toward sustaining Unity’s earnings momentum. The bank’s recent earnings trajectory—net income growth of 42% year‑over‑year for the nine‑month period—combined with a 3.6% rise in loans and a 3.7% rise in deposits in Q3 2025, suggests a solid balance‑sheet foundation. The appointments are expected to reinforce the bank’s focus on disciplined cost management and strategic capital deployment, supporting the company’s moderate‑growth outlook for the remainder of 2025 and beyond.
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