CLINTON, N.J. Unity Bancorp reported a loss for the second consecutive year.
The $356 million-asset parent of Unity Bank said it lost $5.9 million for the full year and $1.3 million in the fourth quarter, despite selling five branches in December. The company also closed its mortgage subsidiary in the fourth quarter, which accounted for $4.4 million of Unitys losses and writeoffs for the year.
Unity sold the branches to comply with orders by federal and state regulators to increase capital, quit making risky loans, and deal with problem assets. In 1999 Unity had a $3.4 million loss.
