Unity Bancorp of Clinton, N.J., has a deal to buy Certified Mortgage Associates for $2.8 million of stock.
Certified Mortgage Associates is a Marlboro, N.J., mortgage bank. The deal calls for Certified's three principals to become employees of $238 million-asset Unity.
Robert Van Volkenburgh, chairman of Unity's board, said the deal would increase the company's noninterest revenues. The mortgage lender has averaged about $25 million a month in originations in the past year, all of which are sold into the secondary market.
The deal is, expected to close around yearend.