Unity Bancorp names first new CEO in 22 years

Published September 25, 2026 3:00 PM

1 Min Read

In this week's banking news roundup:

George Boyan is named CEO of Clifton, New Jersey-based Unity Bancorp as James Hughes announces his retirement
Matt Lujano, president and CEO of Iowa's Westside State Bank, is elected chair of the American Bankers Association's Community Bankers Council
SoFi's stablecoin settlement partnership with Mastercard is now live, and more.

Unity Bancorp in NJ announces first CEO change in 22 years

The longtime chief executive officer at Unity Bancorp in Clifton, New Jersey, plans to retire next year, making way for the company's current president to take over the top seat.

James Hughes, who led the $3.2 billion-asset community bank through significant growth over the past 26 years, will retire on March 31, 2027, and George Boyan, who was named president at the start of this year, will succeed him as CEO. Boyan will retain his role as president.

Hughes, who was 67 in March, joined Unity in 2000. During his tenure, the bank expanded in New Jersey and Pennsylvania, increased shareholder value and grew the company's market capitalization from approximately $7.4 million to $575 million, the bank said in a press release.

Boyan, who was 44 in March, has worked at Unity since 2021, when he joined as chief financial officer. Prior to that, he was treasurer and controller at Bank Leumi USA. —Allissa Kline

Iowa banker is new chair of ABA’s community bankers council

The American Bankers Association has elected Iowa banker Matt Lujano as chair of the ABA's Community Bankers Council. Currently serving as president and CEO of Westside State Bank, Lujano has held leadership positions with the Iowa Bankers Association and has served on ABA's government relations council, deposit insurance working group, as vice chair of ABA's CBC, and as a member of the council's administrative committee.

"At a time of rapid change in our industry, it's important that community banks have a strong voice in policymaking discussions," Lujano said in a Sept. 21 press release.

The CBC is composed of bank presidents and CEOs from across the country who meet twice a year to strategize around banking policy issues, banking trends and competitive priorities. —Traci Parks

SoFi, Mastercard partner on stablecoin settlement

The fintech-turned digital bank SoFi's stablecoin settlement partnership with Mastercard is now live. The bank's $25 billion debit and credit card program now uses SoFiUSD, its privately issued stablecoin, as the rail for settling transactions. The partnership was initially announced in March.

"In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses," said Anthony Noto, CEO of SoFi. "Businesses have faster access to their money via the speed of blockchain with the safeguards of a bank."

Merchants do not need to hold stablecoins to process SoFi cards, but the instant zero-cost settlement and cash withdrawal benefits are limited to those who hold a SoFi bank account through the company's Big Business Banking program. SoFi is also in active discussions with other large merchants across the U.S. regarding stablecoin-based settlement arrangements. —Melinda Lucy

Citi’s Scott Sartorius leaves for Commerce Department

Citi's head of North American leveraged finance, Scott Sartorius, has left to join a Commerce Department unit that oversees $39 billion in federal incentives for US semiconductor manufacturing.

Sartorius had been at the bank for more than eight years, according to his LinkedIn page, where he announced his new position Thursday.

The appointment marks the latest defection from Wall Street to the Biden-era CHIPS program, which has been reimagined under President Donald Trump to operate more like an investment firm, aiming to accelerate access to semiconductor investment.

Last year, the program hired former Morgan Stanley tech investment banker Bill Frauenhofer to run the team.

A spokesperson for Citi declined to comment, while a Commerce Department representative didn't immediately respond to a request for comment. —Olivia Fishlow and Maggie Eastland, Bloomberg News

RBC’s Varah rejoins BofA to head global financial sponsors

Investment banker Harold Varah is rejoining Bank of America to lead its sponsors' advisory business after an 8-year stint at Royal Bank of Canada.

Varah has been named head of global financial sponsors investment banking, based in New York, according to an internal company memo Wednesday.

The rehire fits within BofA's emphasis on financial sponsors, which are some of its most important clients, according to the memo from Karim Assef, chair of global investment banking, and Faiz Ahmad, head of global investment banking. It also fits with its focus on the AI rollout.

A representative for BofA confirmed the contents of the memo. A representative for RBC didn't immediately respond to a request for comment.

Varah was most recently co-head of global financial sponsors at RBC Capital Markets, which he joined in 2018 after 14 years at BofA in its financial sponsors group. He began his career in Shearman & Sterling in corporate finance and M&A law. —Ryan Gould and Matt Monks, Bloomberg News