Unity Bancorp Announces CEO Retirement; President Named Successor

What Happened

• Unity Bancorp (UNTY) announced that James A. Hughes, its Chief Executive Officer, will retire from his executive roles effective March 31, 2027 and will remain on the Company and Bank boards as a director. The Board will appoint George Boyan (age 44), the Company and Bank President, as President and Chief Executive Officer effective April 1, 2027. The Company filed a press release on September 23, 2026 (Exhibit 99.1) disclosing the change and stating Hughes’ decision was not due to any disagreement with the Company or the Bank.
• As part of the planned succession, the Company amended its Supplemental Executive Retirement Plan (SERP) on September 17, 2026 to increase Hughes’ retirement benefit percentage from 60% to 65% of the applicable compensation measure, producing a one-time pre-tax expense of $769,000 to be recognized in the quarter ending September 30, 2026.

Key Details

• CEO retirement effective: March 31, 2027; successor effective: April 1, 2027.
• Successor: George Boyan — joined Unity in 2021; served as EVP & CFO (2022–2025); President since Jan 1, 2026.
• SERP amendment increases benefit from 60% to 65%; one-time pre-tax charge of $769,000 in Q3 2026.
• Company states retirement not due to any dispute; Boyan has no disclosable conflicts per Regulation S-K filings.

Why It Matters

• This is an orderly, board-led CEO succession from an internal candidate who already holds the President role and has finance leadership experience (former CFO), which supports continuity of strategy and operations.
• The direct financial impact is limited to a one-time pre-tax expense of $769,000 in Q3 2026; no ongoing change to operations or executive control is disclosed.
• Investors should note the timeline for executive transition and that the outgoing CEO will remain on the board, reducing management disruption risk. For details on executive compensation or material arrangements with Mr. Boyan, refer to the Company’s March 6, 2026 definitive proxy statement as referenced in the filing.