8-K - UNTY - Equibles

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

July 16, 2020

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)

(908) 730-7630

(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 1.01 Entry into a Material Definitive Agreement.

As previously disclosed, on July 6, 2020, Unity Bank (the “Bank”), a wholly owned subsidiary of Unity Bancorp, Inc. (the “Company”) executed a Stipulation and Consent to the Issuance of a Consent Order countersigned by the Federal Deposit Insurance Corporation (“FDIC”) on July 8, 2020 (the “Consent Order”), pursuant to which the Bank agreed to the issuance of a Consent Order by the FDIC, and on July 6, 2020 the Bank agreed to an Acknowledgment and Consent of FDIC Consent Order (the “Acknowledgment”) with the Commissioner of Banking and Insurance for the State of New Jersey (the “Commissioner”), which makes the Consent Order binding as between the Bank and the Commissioner. On July 15, 2020, the Commissioner adopted the Acknowledgment.

Pursuant to the Acknowledgment, the provisions of the Consent Order will remain effective and enforceable by the Commissioner against the Bank until such time as any provision of the Consent Order is modified, terminated, suspended or set aside by the Commissioner, the FDIC or a court of competent jurisdiction. The foregoing description of the Acknowledgment is qualified in its entirety by reference to the Acknowledgment which is attached to this report as Exhibit 10.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 10.1Acknowledgment and Consent of FDIC Consent Order Between Commissioner of Banking and Insurance and Unity Bank

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: July 16, 2020

By: /s/ Anthony Cossetti

Anthony Cossetti

CFO/EVP

EXHIBIT INDEX

EXHIBIT # DESCRIPTION

10.1Acknowledgment and Consent of FDIC Consent Order Between Commissioner of Banking and Insurance and Unity Bank

		Exhibit

ACKNOWLEDGEMENT AND CONSENT OF FDIC CONSENT ORDER

BETWEEN COMMISSIONER OF BANKING AND INSURANCE AND

UNITY BANK

The Commissioner of Banking and Insurance for the State of New Jersey (“Commissioner”), having reviewed and duly approved the foregoing CONSENT ORDER, FDIC-20-0014b (“ORDER”), and Unity Bank, Clinton, New Jersey (“Bank”), agrees that upon issuance of the said ORDER by the Federal Deposit Insurance Corporation (“FDIC”) such ORDER shall be binding as between the Bank and the Commissioner with the same legal effect and to the same degree that such ORDER would be binding on the Bank if the Commissioner had issued a separate ORDER pursuant to the provisions of N.J.S.A. 17:9A-267, that included and incorporated all of the provisions of the foregoing ORDER.

The Commissioner and the Bank further agree that the provisions of this ORDER shall remain effective and enforceable by the Commissioner against the Bank except to the extent that, and until such time as, any provisions of this ORDER shall have been modified, terminated, suspended, or set aside by the Commissioner, the FDIC or a court of competent jurisdiction. In the event that any term or provision in the foregoing ORDER is modified, terminated or set aside, the remaining terms and provisions shall retain full force and effect.

/s/ Marlene Caride	7/15/2020
Marlene Caride, Commissioner	Date
Department of Banking and Insurance