Unity Bank has opened a new 1,800-square-foot branch at 1255 Route 70 in Lakewood. —Courtesy: Unity Bank
By Joshua Burd
Unity Bank has opened a new full-service branch in Lakewood and is planning another in Fort Lee, as the Clinton-based lender expands its footprint across the state.
The Lakewood location, at 1255 Route 70, marks the bank’s entrance to Ocean County and to the state’s fastest-growing municipality. The new full-service offering follows the recent launch by Unity of a commercial and residential lending office at the site, as it takes over a roughly 1,800-square-foot space that previously housed another bank.
“Ocean County has lost almost 25 percent of its bank branches in the past decade and county officials are concerned that senior citizens in the county are underserved by the current population of banks,” Unity Bank CEO and President James A. Hughes said. “Our commercial and residential lending team has made significant inroads serving the unmet needs of the local community so the new branch is a logical extension of these efforts. Lakewood has been the fastest-growing municipality in the state, so this new branch makes good sense for the community and Unity.”
The company noted that Lakewood’s population has soared over the past decade, from 92,843 residents to 135,158, citing the 2020 U.S. Census. Much of the dramatic growth has been attributed to an exodus of people from New York City to Ocean County.
In Fort Lee, the new branch at 899 Palisades Ave. is slated to be open by late January. At that point, Unity Bank will provide financial services to retail, corporate and small business customers through 20 branches in Bergen, Hunterdon, Middlesex, Ocean, Somerset, Union and Warren counties in New Jersey and Northampton County, Pennsylvania.
The bank holds about $2.3 billion in assets and $1.8 billion in deposits.
“Community banks are an engine for economic growth in the areas where they operate,” Hughes said. “During a time when large banks are closing branches, and other community banks are consolidating, we are expanding our commitment to the local marketplace to bring our full suite of products and services to small businesses and consumers in Ocean and Bergen Counties.
“We are providing capital for small businesses looking to open their first store, grow their business and hire more employees as well as families looking to purchase a house, or put an addition on their existing home. The heart of our business is seamless, easy to use deposit accounts with simple payment platforms and a commitment to excellent customer service.”
