Unity Bancorp has purchased the building that serves as its Clinton headquarters for $4.12 million, it announced Friday.
The deal with The Clinton Unity Group for the property at 64 Old Highway 22 means the parent of Unity Bank now owns a dozen of its 15 business locations, with the only leases at mall properties. This is part of the bank’s long-term strategy to own rather than lease properties, to effectively manage operating expenses, the bank said in a news release.
“We are committed to the long-term growth and stability of the bank, and property ownership maximizes financial efficiencies, bringing greater value to our stakeholders,” CEO and President James A. Hughes said in a prepared statement. “Unity is marking its 25th year in business, so it makes sense to own the headquarters property. As we continue to grow to better serve the community and create value, our first choice will be to own the properties where we do business.”
The three-story building, comprising about 20,000 square feet, was built in 1996 by The Clinton Unity Group, a number of local businessmen who included Unity Chairman David Dallas and his brother, Robert. The building has received a number of upgrades in the past year, Unity added.