Unity Bancorp Inc. (NASDAQ: UNTY) said Sept. 23 that Chief Executive Officer James A. Hughes will retire effective March 31, 2027, concluding a tenure of more than 26 years.
George Boyan, who has served as president of both the holding company and its banking subsidiary since Jan. 1, 2026, will succeed Hughes as CEO on April 1, 2027.
During his time at the helm, Hughes oversaw total assets grow from roughly $356 million to $3.2 billion and market capitalization expand from about $7.4 million to more than $575 million, the company said. Book value per share increased more than 8.5 times over the period, and compounded annualized shareholder returns reached approximately 17%.
Hughes also led an expansion from a single-state New Jersey base to 22 branch locations across New Jersey and Pennsylvania.
Board Chairman David D. Dallas called Boyan "the right leader to guide Unity forward," citing his deep understanding of the business, culture, markets and strategic priorities.
"Unity's success has always been driven by the dedication of our employees and our commitment to building meaningful relationships with our customers," Hughes said in a statement.
The transition marks a new chapter for Clinton, N.J.-based Unity Bancorp as it moves into its next phase of operations under Boyan's leadership.
