CLINTON — Unity Bancorp, Inc. (Nasdaq: UNTY), parent company of Unity Bank, planned to close two unprofitable bank branches in the third quarter.
The branch closures, in Colonia and Springfield, “will result in future cost savings,” James A. Hughes, President and CEO, said. “The two branches had combined deposits of $39.1 million, half of which we expect to retain.”
The bank reported second quarter earnings of $249,000, or three cents per share. One year ago, Unity reported $302,000 in second quarter earnings.
“Many of our borrowers continue to face the challenges of a difficult economic environment resulting in elevated loan loss provisions,” Hughes said. “On a positive note, during the quarter, we continued to report an improving margin.
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