Business & Finance

Somerville Bank Employees Cash in on Tax Reform Legislation

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More than 200 employees of Unity Bank, including those who work at the Somerville branch on Mountain Avenue, are about to benefit from Congressional approval of sweeping tax reform legislation signed into law by President Trump last week.

The Board of Directors of Unity Bancorp, Inc., the parent company of Unity Bank, announced on the day after Christmas that it will provide all employees excluding executive management with a one-time $750 bonus.

The bonuses will be distributed in January.

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“The bank’s Board and executive management felt strongly that the anticipated benefit of the corporate tax rate reduction should be shared with our employees,” said Unity Bank President & CEO James A. Hughes. “Unity’s employees constantly demonstrate their commitment to our customers and the community, not only in their work responsibilities, but by donating their personal time and resources to benefit those in need. We foster an entrepreneurial culture at Unity where the employees and bank can grow together and this decision fits perfectly with that philosophy.”

The corporate tax rate in the recently passed legislation will drop from 35 percent to 21 percent. 

Unity Bank, headquartered in Clinton, provides financial services to businesses and consumers at 18 branches throughout New Jersey and the in the Lehigh Valley, Pennsylvania.

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