Unity Bancorp initiated with an Outperform at Keefe Bruyette. Keefe Bruyette analyst Christopher O'Connell started Unity Bancorp with an Outperform rating and $29.50 price target. A balanced approach to both loan growth and diversification supports the company's traditional community bank business, O'Connell tells investors in a research note. Unity is a "unique institution in the brokered-multifamily-dominated metro-NYC market," the analyst adds.
In response to Congressional approval of tax reform legislation, Unity Bancorp, parent company of Unity Bank, announced today that its Board of Directors has elected to provide all employees excluding executive management with a one-time $750 bonus. The corporate tax rate in the recently passed legislation will drop from 35% to 21%. Unity Bank intends to pay the bonuses to its approximately 200 employees in January.