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On September 10, 2026, Unity Bancorp purchased approximately $27.6 million in transferable federal investment tax…
UNTYUnity Bancorp Inc
On September 10, 2026, Unity Bancorp purchased approximately $27.6 million in transferable federal investment tax credits for $25.1 million, a purchase price of roughly $0.91 per dollar of credit. The company intends to utilize these credits primarily through a carry-back claim under federal tax laws. Consequently, the firm expects to recognize a one-time reduction in income tax expense and a corresponding increase in net income of approximately $2.5 million during the quarter ending September 30, 2026. This transaction is part of the company's strategy to prudently enhance shareholder value through selective tax-advantaged investments. Unity Bancorp operates as a community bank holding company based in New Jersey.