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
September
29, 2008
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
(Commission
File Number)
22-3282551
(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:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
8.01
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Other
Events
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The
Registrant’s Board of Directors has determined to revise the Registrant’s cash
dividend payment policy. The decision was made based upon the current economic
environment to retain capital so that the holding company can remain a source of
strength to the subsidiary bank. Previously, the Registrant has paid
a cash quarterly dividend at a rate set by the Board based upon a number of
factors. The Board has now established a targeted dividend payout ratio of 20%
of the Registrant’s earnings, subject to adjustment based upon factors existing
at the time of the dividend and the Registrant’s projected capital
needs. The Board now intends to pay a cash dividend once annually, in
the next succeeding year. During 2008, the Registrant has already
paid cash dividends of $0.15 per share. While the Registrant can not project its
full year 2008 earnings at this time, to the extent the cash dividends paid to
date exceed the targeted percentage of the Registrant’s annual 2008 earnings,
the Registrant may not pay any additional cash dividends out of 2008
income.
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.
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UNITY
BANCORP, INC.
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Date:
September 29, 2008
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By:
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/s/ Alan J. Bedner, Jr. .
Alan
J. Bedner, Jr.
EVP
and Chief Financial Officer
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