エドガーで原本を確認する
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
November 20, 2025
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)
(800) 618-2265
(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 |
On November 20, 2025, Unity Bancorp, Inc. (the “Registrant”) announced that George Boyan will be promoted to President of each of the Registrant and its wholly owned subsidiary Unity Bank (the “Bank”), effective January 1, 2026. In connection with this promotion to President, Mr. Boyan will simultaneously also be appointed to the Boards of Directors of both the Registrant and the Bank. His appointment will expand both Boards from nine to ten directors. Prior to the effectiveness of this appointment, Mr. Boyan served as the Registrant’s and the Bank’s Executive Vice President and Chief Financial Officer.
Mr. James Hughes, who previously served as the Registrant’s and the Bank’s President and Chief Executive Officer, will remain the Registrant’s and the Bank’s Chief Executive Officer. Mr. Hughes will also remain a member of both Board of Directors of the Registrant and the Bank.
In addition, James Davies, who currently serves as Senior Vice President and Controller, was appointed Chief Financial Officer of the Registrant and the Bank effective as of January 1, 2026. In such capacity, Mr. Davies shall serve as the Registrant’s Principal Financial Officer and Principal Accounting Officer.
The table below sets forth certain information about Messrs. Boyan and Davies, effective as of January 1, 2026:
Name and Position |
Age |
Principal Occupation for the Past Five Years |
Officer Since |
Term Expires |
|
George Boyan President |
43 |
Executive Vice President & Chief Financial Officer of the Registrant and the Bank (2021 – Present); Treasurer & Controller of Bank Leumi USA; President of Leumi Investment Services, Inc. (2014 – 2021); |
2021 |
N/A(1) |
|
James Davies First Senior Vice President & Chief Financial Officer |
33 |
Senior Vice President & Controller of the Registrant and the Bank (2022 – Present); Deputy Controller of Valley Bank (2022); First Vice President, Co-Controller, CFO of Leumi Investment Services, Inc. and Finance Manager of Bank Leumi USA (2018 – 2022) |
2022 |
N/A(1) |
| (1) | Officers serve at the pleasure of the Board of Directors |
Mr. Boyan’s initial term as a director of the Registrant and the Bank will expire at the next annual shareholders meeting of each, at which point it is anticipated he will be re-nominated for shareholder approval to serve on the Boards of Directors, to hold office for the term that shall be established at the time of such nomination. Furthermore, it is anticipated that Mr. Boyan shall serve on the Bank’s and the Registrant’s Loan Committee.
There are no arrangements or understandings between Messrs. Boyan and Davies and any other persons pursuant to which Mr. Boyan was selected as President & Director, and Mr. Davies was selected First Senior Vice President & Chief Financial Officer. Messrs. Boyan and Davies have no family relationship with any other director or executive officer of the Registrant, nor with any person nominated or chosen to serve as a director or executive officer of the Registrant. Messrs. Boyan and Davies are not directors of any company with a class of securities registered pursuant to section 12, of the Securities Exchange Act of 1934, as amended (the “Act”), subject to the requirements of section 15(d) of the Act, or of any company under the Investment Company Act of 1940.
There are no “related party transactions” between Messrs. Boyan and Davies and the Registrant or the Bank that require disclosure.
There are no material plans, contracts or other arrangements (or amendments thereto) to which Messrs. Boyan and Davies are a party, or in which each participates, that was entered into or amended, in connection with Mr. Boyan’s selection as President & Director and Mr. Davies’ selection as First Senior Vice President & Chief Financial Officer, of the Registrant and the Bank.
The Registrant is party to a previously disclosed retention agreement with Mr. Boyan, and change in control agreement with Mr. Davies.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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: November 20, 2025 |
|
|
|
By: |
/s/ George Boyan |
|
|
George Boyan |
|
|
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
Unity Bancorp, Inc.
64 Old Highway 22
Clinton, NJ 08809
800 618-BANK
www.unitybank.com
For Immediate Release:
November 20, 2025
News Media & Financial Analyst Contact:
George Boyan
EVP and Chief Financial Officer
(908) 713-4565
Unity Bancorp, Inc. Announces Executive Leadership Promotions
Clinton, NJ — Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, is pleased to announce the promotion of George Boyan to President, effective January 1, 2026. Mr. Boyan currently serves as Executive Vice President and Chief Financial Officer and has played a pivotal role in the company’s financial strategy and growth.
In addition to his new role as President, Mr. Boyan will be appointed to the Boards of Directors of both Unity Bancorp, Inc. and Unity Bank, also effective January 1, 2026.
James Davies will succeed Mr. Boyan as Chief Financial Officer. Mr. Davies currently serves as Senior Vice President and Controller. Mr. Davies brings extensive experience in financial management and strategic planning, and has been a key contributor to Unity’s continued success.
James Hughes will continue to serve as Chief Executive Officer and as member of our Board of Directors, maintaining his leadership role in guiding the company’s long-term vision and strategic direction.
“These promotions reflect the strength and depth of Unity’s leadership team,” said Mr. Hughes. “George has demonstrated exceptional leadership and financial acumen, and James is well-prepared to take on the CFO role. I look forward to working closely with both of them in their new roles, as we continue to grow and serve our customers and communities.”
Unity Bancorp, Inc. is a financial services organization headquartered in Clinton, New Jersey, with approximately $2.9 billion in assets and $2.3 billion in deposits. Unity Bank, the Company’s wholly owned subsidiary, provides financial services to retail, corporate and small business customers through its robust branch network located in Bergen, Hunterdon, Middlesex, Morris, Ocean, Somerset, Union and Warren Counties in New Jersey and Northampton County in Pennsylvania. For additional information about Unity, visit our website at www.unitybank.com , or call 800-618-BANK.
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements may be identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the Company’s control that could impede its ability to achieve these goals. These factors include those items included in our Annual Report on Form 10-K under the heading “Item IA-Risk Factors” as amended or supplemented by our subsequent filings with the SEC, as well as general economic conditions, trends in interest rates, the ability of our
borrowers to repay their loans, our ability to manage and reduce the level of our nonperforming assets, results of regulatory exams, and the impact of any health crisis or national disasters on the Bank, its employees and customers, among other factors.