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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.