UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
11-K
(X)
ANNUAL REPORT UNDER SECTION l5(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934
For the
fiscal year ended: December 31, 2008.
OR
(
) TRANSITIONAL REPORT PURSUANT TO SECTION l5(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934
For
transition period from
Commission
File Number: 1-12431
A. Full
title of plan and the address of the plan, if different from that of the issuer
named below:
UNITY
BANK EMPLOYEES’ SAVINGS
AND
PROFIT SHARING PLAN AND TRUST
B. Name
of issuer of the securities held pursuant to the plan and the address of its
principal executive office:
UNITY
BANCORP, INC.
64 OLD
HIGHWAY 22 CLINTON, NJ 08809
UNITY
BANK
Employees’
Savings and Profit Sharing Plan and Trust
REQUIRED
INFORMATION
|
Financial
Statements
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Page
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1
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Statements
of Net Assets Available for Benefits December 31, 2008 and
2007
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2
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Statements
of Changes in Net Assets Available for Benefits Years ended December 31,
2008 and 2007
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3
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4
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| Schedule G, Part I - Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible | 8 | |
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9
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10
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UNITY
BANK
Employees’
Savings and Profit Sharing Plan and Trust
Index
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Page
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1
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2
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3
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4
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| Schedule G, Part I - Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible | 8 | |
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9
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Report
of Independent Registered
Public
Accounting Firm
To
the Board of Trustees
Unity
Bank Employees’ Savings and Profit Sharing Plan and Trust:
We
have audited the accompanying statements of net assets available for benefits of
the Unity Bank Employees’ Savings and Profit Sharing Plan and Trust (the Plan)
as of December 31, 2008 and 2007, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our
audits.
We
conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
Our audits were made for
the purpose of forming an opinion on the basic financial statements taken as a
whole. The supplemental schedules of assets (held at end of year) and schedule
of loans or fixed income obligations in default or classified as uncollectible
as of or for the year-ended December 31, 2008 are presented for the purpose
of additional analysis and are not a required part of the basic financial
statements, but is supplementary information required by the United States
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. These
supplemental schedules are the responsibility of the Plan's management. The
supplemental schedules have been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
In
our opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Unity Bank
Employees’ Savings and Profit Sharing Plan and Trust as of December 31, 2008 and
2007, and the changes in net assets available for benefits for the years then
ended in conformity with U.S. generally accepted accounting
principles.
/s/
McGladrey & Pullen, LLP
June
29, 2009
Blue
Bell, Pennsylvania
Page 1 of
10
Employees’
Savings and Profit Sharing Plan and Trust
Statements
of Net Assets Available for Benefits
December
31, 2008 and 2007
|
Assets:
|
2008
|
2007
|
||||||
|
Investments,
at fair value
|
$ | 2,737,791 | $ | 3,462,807 | ||||
|
Participant loans
|
88,928 | 121,017 | ||||||
|
Net
assets available for benefits at fair value
|
2,826,719 | 3,583,824 | ||||||
|
Adjustment
from fair value to contract value for fully benefit-responsive investment
contracts
|
1,639 | 4,857 | ||||||
|
Net
assets available for benefits
|
$ | 2,828,358 | $ | 3,588,681 | ||||
See
accompanying notes to financial statements.
Page 2 of
10
Employees’
Savings and Profit Sharing Plan and Trust
Statements
of Changes in Net Assets Available for Benefits
Years
ended December 31, 2008 and 2007
|
2008
|
2007
|
|||||||
|
Additions
(Deductions)
|
||||||||
|
Contributions
|
||||||||
|
Employee
contributions
|
$ | 470,785 | $ | 446,901 | ||||
|
Employer
contributions, net of forfeitures
|
195,423 | 185,267 | ||||||
|
Total
contributions
|
666,208 | 632,168 | ||||||
|
Investment
income
|
||||||||
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Net depreciation
in fair value of investments
|
(1,125,818 | ) | (248,117 | ) | ||||
|
Interest
and dividends
|
27,021 | 35,575 | ||||||
|
Net
investment (loss) income
|
(1,098,797 | ) | (212,542 | ) | ||||
|
Total
investment income (loss)
|
(432,589 | ) | 419,626 | |||||
|
|
||||||||
|
Benefits
paid to participants
|
(306,382 | ) | (327,603 | ) | ||||
|
Expenses
|
(21,352 | ) | (24,307 | ) | ||||
|
Total
deductions
|
(327,734 | ) | (351,910 | ) | ||||
|
Net
(decrease) increase
|
(760,323 | ) | 67,716 | |||||
|
Net
assets available for benefits
|
||||||||
|
Beginning
|
3,588,681 | 3,520,965 | ||||||
|
Ending
|
$ | 2,828,358 | $ | 3,588,681 | ||||
See accompanying notes to financial statements.
Page 3 of
10
UNITY BANK
Employees’
Savings and Profit Sharing Plan and Trust
Notes
to Financial Statements
December
31, 2008 and 2007
(1) Summary
of Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements of the Unity Bank Employees’ Savings and
Profit Sharing Plan and Trust (the Plan) for employees of Unity Bank (the Bank)
have been prepared on an accrual basis and present the net assets available for
benefits and the changes in those net assets. Investment
contracts held by a defined-contribution plan are required to be reported at
fair value. However, contract value is the relevant measurement attribute for
that portion of the net assets available for benefits of a defined-contribution
plan attributable to fully benefit-responsive investment contracts because
contract value is the amount participants would receive if they were to initiate
permitted transactions under the terms of the plan. The Statement of Net Assets
Available for Benefits presents the fair value of the investment contracts as
well as the adjustment of the fully benefit-responsive investment contracts from
fair value to contract value. The Statement of Changes in Net Assets Available
for Benefits is prepared on a contract value basis.
Administrative
Expenses
Administrative
expenses for maintaining the Plan are paid by the Bank.
Investment
Valuation and Income Recognition
Investments
are reported at fair value. Fair value is the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. See Note 6 for discussion
of fair value measurements.
Purchases
and sales of securities are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-dividend
date. Net appreciation includes the Plan’s gains and losses on investments
bought and sold as well as held during the year.
Payment
of Benefits
Benefits
are recorded when paid.
Risks
and Uncertainties
The
assets of the Plan are primarily financial instruments, which are monetary in
nature. Accordingly, interest rates have a more significant impact on the Plan's
performance than do the effects of general levels of inflation. Interest rates
generally do not move in the same direction or with the same magnitude as prices
of goods and services as measured by the consumer price index. Investments in
funds are subject to risk conditions of the individual funds' objectives, stock
market performance, interest rates, economic conditions, and world
affairs. Due to the level of risk associated with certain investment
securities, it is at least reasonably possible that changes in the values of
investment securities will occur in the near term and that such changes could
materially affect participants’ account balances and the amounts reported in the
statement of net assets available for benefits.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. generally accepted
accounting principles requires the plan administrator to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of additions and deductions during the
reporting period. Actual results could differ from those estimates.
Related-Party
Transactions
Certain
Plan investments are managed by The Bank of New York (BNY). BNY is
the trustee as defined by the Plan and therefore, these transactions qualify as
party-in-interest transactions.
(2) Description
of Plan
The
following description of the Plan provides only general information.
Participants should refer to the plan agreement for a more complete description
of the Plan's provisions.
General
The
Plan is a participant-directed, Federal income tax deferred defined contribution
plan that was initiated in August of 2003 and is administered by the Bank. The
Plan is subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
Investment
Options
The
participant contributions and employer matching contributions may be allocated
to various investment funds, and/or the Unity Bank Stock Fund at the discretion
of the participant, provided that all directed allocations be in whole
percentages.
Page 4 of
10
Benefits
and Contributions
Eligible
participants, as defined, include employees of the Bank who have attained the
age of 21, are not resident aliens or collectively bargained employees. Eligible
participants can begin making contributions after three months of
employment. Participants are eligible to receive employer matching and
discretionary contributions when they have completed three months of
service, as defined. Benefits are determined based on accumulated participants'
and employer's contributions and related investment earnings or losses on those
contributions. The participant can contribute up to 75% of base compensation, as
defined, subject to legal limitations. The employer’s contributions are equal to
100% of the participants' contributions, up to 3% of base compensation and 50%
of the participant’s contributions for the next 2% of base compensation, as
defined. The Bank may also make discretionary contributions. Each year the
Bank's board of directors will determine if a discretionary contribution will be
made to the Plan. Each participant's share of this contribution is based on the
relationship his or her compensation bears to the total compensation of
employees participating in the Plan. At the plan administrator's discretion,
employees are entitled to contribute rollovers from other qualified plans.
Forfeitures
Any
forfeited amounts reduce the employer's contributions to the Plan. At
December 31, 2008, forfeited non-vested accounts amounted to $75.
For the year ended December 31, 2008, $9,110 in
forfeited non-vested accounts reduced the employer’s contributions to the
Plan.
Vesting
All
participants are fully vested in their voluntary contributions and related
investment earnings or losses. Beginning on January 1, 2006 Unity Bank’s 401(k)
plan became a “Safe Harbor Plan” which means employer matching contributions
made from that date forward are automatically vested. Employer
matching contributions made prior to January 1, 2006 are 100% vested after
completing six years of service.
Participant
Accounts
Each
participant’s account is credited with the participant’s contribution and an
allocation of (a)
the Company’s contribution and (b)
Plan earnings. Allocations are based on participant earnings or
account balances, as defined. The benefit to which a participant is
entitled is the benefit that can be provided from the participant’s vested
account.
Funding
Employee
contributions are funded through biweekly payroll deductions, and employer
matching is funded each pay period.
Payment
of Benefits
Upon
normal retirement at age 65 or termination of employment, a participant may
elect to receive a lump-sum amount equal to his or her vested account balance at
termination date, various annuity options, or, by agreement with the plan
administrator, a lump-sum payment at any date prior to the April 1 following the
taxable year he or she attains, or would have attained, age 59-1/2. The benefit
to which a participant is entitled is the benefit which can be provided from the
participant's vested account balance.
(3) Loan
Policy
Employees
participating in the Plan are eligible to receive loans from the Plan. Loans
that are granted to the participant are subject to the following
conditions:
The
minimum amount of any loan shall have a minimum term of 12 months. The maximum
loan amount is determined under federal tax and pension laws. Borrowings are
from the vested portion of accounts in any amount between $1,000 and $50,000,
reduced by the highest outstanding loan balance within the prior 12
months.
The
interest rates on loans are at reasonable rates of interest based on interest
rates that institutions in the business of making loans would charge under
similar circumstances. The loans are secured by the balance in the
participant’s account. Loans are repaid (principal and interest) and
added back to the participant account balances generally through regular
after-tax payroll deductions.
(4) Plan
Termination
Although
it has not expressed any intent to do so, the employer has the right under the
Plan to discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA. In the event of plan termination,
participants will fully vest and receive the value of their accounts as a
lump-sum distribution.
(5) Tax
Status
The
Plan adopted a volume submitter plan in August 2003, intended to meet the form
requirements of Internal Revenue Code Section 401(a). The employer
has not applied for a determination letter. Plan management believes
that that the Plan is currently designed and being operated in compliance with
the applicable provisions of the Internal Revenue Code. Therefore, no
provision for income taxes has been included in the Plan's financial
statements.
Page 5 of
10
|
(6)
|
Fair
Value Measurement
|
Effective January 1, 2008,
the Plan adopted the provisions of Statement of Financial Accounting Standards
("SFAS") No. 157, Fair Value
Measurements. SFAS No. 157 defines fair value as the exchange price
that would be received for an asset or paid to transfer a liability (an exit
price) in the principal or most advantageous market for the asset or liability
in an orderly transaction between market participants on the measurement
date. In determining fair value, the Plan uses various methods
including market, income and cost approaches. Based on these
approaches, the Plan may utilize certain assumptions that market
participants would use in pricing the asset or liability, including assumptions
about risk and or the risks inherent in the inputs to the valuation
technique. These inputs can be readily observable, market
corroborated, or generally unobservable inputs. The Plan utilizes
techniques that maximize the use of observable inputs and minimize the use of
unobservable inputs. Based on the observability of the inputs used in
valuation techniques, the Plan is required to provide information according
to the fair value hierarchy. The fair value hierarchy ranks the
quality and reliability of the information used to determine fair
values. Financial assets and liabilities carried at fair value will
be classified and disclosed as follows:
Level
1 Inputs
|
●
|
Unadjusted
quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or
liabilities.
|
Level
2 Inputs
|
●
|
Quoted prices for similar assets or liabilities in active markets. | |
|
●
|
Quoted prices for identical or similar assets or liabilities. | |
|
●
|
Inputs
other than quoted prices that are observable, either directly or
indirectly, for the term of the asset or liability (e.g., interest rates,
yield curves, credit risks, prepayment speeds or volatilities) or
"market corroborated
inputs."
|
Level
3 Inputs
|
|
●
|
Prices
or valuation techniques that require inputs that are both unobservable
(i.e. supported by little or no market activity) and that are significant
to the fair value of the assets or
liabilities.
|
The asset or liability's fair value measurement level
within the fair value hierarchy is based on the lowest level of any input that
is significant to the fair value measurement. Valuation techniques used
need to maximize the use of observable inputs and minimize the use of
unobservable inputs.
The following is a description of the valuation
methodologies used for assets measured at fair value:
Short-term money market instruments: Stated at cost, which approximates fair
value.
Unity Bancorp, Inc. common stock
fund: Comprised of Unity Bancorp,
Inc. common stock which is traded on NASDAQ and is valued at its quoted market
price at the daily close.
Common collective trusts: Valued at the
net asset value ("NAV") of shares held by the plan at year-end. The NAV is
derived from each Fund's audited financial statements and not published
prices.
Guaranteed investment contracts ("GICs):
Stated at fair value. The fair value of GICs is calculated based on the
market values of the underlying securities. A synthetic GIC is comprised
of two components, an underlying asset and a "wrapper" contract. Wrapper
contracts generally change the investment characteristics of underlying
securities (such as corporate debt or U.S. government securities) to those of
guaranteed investment contracts. The wrapper contracts provide
benefit-responsive distributions for specific underlying securities may be
withdrawn at contract or face value.
Participant loans: Valued at amortized
cost, which approximates fair value.
The methods
described above may produce a fair value calculation that may not be indicative
of net realizable value or reflective of future fair values. Furthermore,
while the Plan believes its valuation methods are appropriate and consistent
with other market participants, the use of different methodologies or
assumptions to determine the fair value of certain financial instruments
could result in a different fair value measurement at the reporting date.
The
following table presents, by level within the fair value hierarchy,
the Plan's assets at fair value as of December 31, 2008.
|
|
Level
1
|
Level
2
|
Level
3
|
Total
|
||||||||||||
| Short-term money market instruments | $ |
-
|
$ |
513,503
|
$ |
-
|
$ |
513,503
|
||||||||
| Unity Bancorp, Inc. stock fund (69,498 shares) |
-
|
270,934
|
-
|
270,934
|
||||||||||||
| Common collective trusts |
-
|
1,763,330
|
-
|
1,763,330
|
||||||||||||
| Guaranteed investment contracts |
-
|
-
|
190,024
|
190,024
|
||||||||||||
|
Participant
loans
|
-
|
-
|
|
88,928
|
88,928
|
|||||||||||
|
Total
|
$ |
-
|
$ |
2,547,767
|
$
|
278,952
|
$ |
2,826,719
|
||||||||
The table below presents the
changes in Level 3 assets:
|
|
Guaranteed
Investment Contract
|
Participant
Loans
|
||||||
|
Beginning
balance December 31, 2007
|
$ | 142,836 | $ | 121,017 | ||||
|
Realized
gains (losses)
|
- | - | ||||||
|
Unrealized
gains (losses) relating to instruments still held at the reporting
date
|
11,730 | - | ||||||
|
Purchases,
sales, issuances and settlements, net
|
35,458 | (32,089 | ) | |||||
|
Ending
balance December 31, 2008
|
$ | 190,024 | $ | 88,928 | ||||
Page 6 of
10
|
(7)
|
Investments
|
For
the years ended December 31, 2008 and 2007, the Plan’s investments (including
gains and losses on investments bought and sold, as well as held during the
year) appreciated (depreciated) in value as follows:
|
2008
|
2007
|
|||||||
|
Mutual
funds
|
$ | (844,209 | ) | $ | 132,586 | |||
|
Common
stock
|
(281,609 | ) | (380,703 | ) | ||||
|
Total
|
$ | (1,125,818 | ) | $ | (248,117 | ) | ||
The
following table represents the fair value of individual investments, which
exceed 5% of the Plan’s net assets as of December 31, 2008 and
2007:
|
2008
|
2007
|
|||||||
|
SSGA
- Government Money Market
|
$ | 500,913 | $ | 210,430 | ||||
|
SSGA
- S&P 500 Flagship SL Series Fund
|
285,539 | 445,693 | ||||||
|
Unity
Bancorp, Inc. Stock Fund
|
270,934 | 627,158 | ||||||
|
SSGA - S&P
Midcap Index SL Series Fund
|
254,594 | 450,668 | ||||||
|
SSGA
- Long U.S. Treasury Index SL Series
|
249,659 | 135,659 | ||||||
|
SSGA
- S&P Growth Index SL Fund Series A
|
192,817 | 282,145 |
|
|||||
|
SSGA
- Pentegra Stable Value Fund
|
190,024 | 142,836 | ||||||
|
(8)
|
New
Accounting Pronouncements
|
In
January 2009, AICPA Accounting Standards Executive Committee and the Alternative
Investments Task Force prepared Draft Issues Paper FASB Statement No.157 Valuation
Consideration for Interests in Alternative Investments. This
draft issues paper focuses on certain aspects of alternative investments and is
intended to assist investor entities when implementing the provisions of FASB
Statement 157 Fair Value
Measurements (SFAS 157) in estimating the fair value of their interests
in alternative investments. This draft issues paper is
applicable when estimating the fair value of investments in fund-of-funds and
direct investments in funds.
The AICPA
practice aid Alternative
Investments – Audit Considerations notes that a readily determinable fair
value does not exist for many alternative investments, which, in may cases,
makes the task of estimating fair value the biggest single challenge in
financial reporting related to alternative investments. Further
complicating measurement is the fact that investee fund managers may not provide
transparent information relating to their investment portfolios. The
practice aid states that “management of the investor entity is responsible for
the valuation of alternative investment amounts as presented in the investor
entity’s financial statements” and “this responsibility cannot, under
any circumstances, be outsourced or assigned to a party outside of
the investor entity’s management.” Those statements were not intended
to preclude management of the investor entity from utilizing fair value
measurement input from such third parties. Rather, these statements
were intended to clarify and emphasize that management of the investor entity is
ultimately responsible for the fair values reported in the entity’s financial
statements, and to impose upon management of the investor entity an obligation
to carefully consider how third-party input is used in estimating fair
value.
The draft
issues paper indicates that when estimating fair value, an investor must
consider other attributes and features of the investment in addition to the
investee’s net asset value per share. The FASB staff held discussions
about the valuation of alternative investments. See FSP No. FAS
157-g.
FSP
No. FAS 157-g, June 2009 Proposed FASB Staff Position
FASB has
issued proposed FASB Staff Position (FSP) No. FAS 157-g, Estimating the Fair Value of
Investments in Investment Companies That Have Calculated Net Asset Value per
Share in Accordance with the AICPA Audit and Accounting Guide, “Investment
Companies”. If finalized, this
proposed FSP would amend FASB Statement No. 157, Fair Value Measurements, to
provide application guidance for estimating the fair value of investments in
investment companies that have calculated net asset value per share in
accordance with the AICPA Audit and Accounting Guide, Investment
Companies. The proposed FSP would apply to investments in
entities that meet the definition of an investment company in the
Guide for which the entity’s net asset value per share (or its equivalent, for
example, partners’ capital per share for an investment in a partnership) has
been calculated in accordance with that Guide. However, the FSP would
not apply if the fair value of the investment is readily determinable as defined
in FASB Statement No. 115, Accounting for Certain Investments
in Debt and Equity Securities.
The
proposed FSP states that in circumstances in which net asset value per share of
an investment is not determinative of fair value, a reporting entity is
permitted, as a practical expedient, to estimate the fair value of an investment
within the scope of the FSP using the net asset value per share of the
investment (or its equivalent, for example, partners’ capital per share for an
investment in a partnership) without further adjustment, if the net asset value
per share of the investment is determined in accordance with the AICPA Audit and
Accounting Guide, Investment
Companies, as of the reporting entity’s measurement date. If
an investment is within the scope of the FSP, for both recurring and
nonrecurring measurements, the FSP would require a reporting entity to disclose
certain information that enables users of its financial statements to understand
the nature and risks of the investment.
If
finalized, the proposed FSP would be effective upon issuance, including prior
periods for which financial statements have not been issued, and applied
prospectively. The proposed FSP would not require disclosures for
earlier periods presented for comparative purposes at initial
adoption. In periods after initial adoption, the FSP would require
comparative disclosures only for periods ending after initial
adoption.
|
(9)
|
Reconciliation
of Financial Statements to Form
5500
|
The
following is a reconciliation of net assets available for benefits from the
Plan’s financial statements to the Form 5500:
|
|
As of December 31, | |||||||
|
2008
|
2007
|
|||||||
|
Net
assets available for benefits per the financial statements
|
$ | 2,828,358 | $ |
3,588,681
|
||||
|
Less:
Adjustment from contract value to fair value
|
(1,639 |
)
|
(4,857 |
)
|
||||
|
Net assets available for benefits per Form 5500
|
$ | 2,826,719 | $ | 3,583,824 | ||||
Page 7 of 10
UNITY BANK
Employees’
Savings and Profit Sharing Plan and Trust
Schedule
G, Part I - Schedule of Loans or Fixed Income Obligations in Default or
Uncollectible
December
31, 2008
|
Amount Received
During Reporting Year
|
Amount
Over-Due
|
|||||||
|
* If Party in
Interest
|
Identity of
Obligor
|
Original Amount of Loan |
Principal
|
Interest
|
Unpaid Balance
at 12-31-08
|
Loan
Terms
|
Principal
|
Interest
|
|
*
|
Mary
Pietryk
|
$3,000
|
$0.00
|
$0.00
|
$3,000
|
Original
loan date = April 2, 2008
Maturity date = May 16, 2009
Interest rate = 7.0%
Uncollateralized
|
$3,000
|
$159.25
|
Page 8 of
10
UNITY BANK
Employees’
Savings and Profit Sharing Plan and Trust
Schedule
H, Line 4(i) - Schedule of Assets
(Held
at End of Year)
December
31, 2008
|
Shares
|
Current
Value
|
||||||
|
SSGA-Government
Money Market
|
500,913 | $ | 500,913 | ||||
|
SSGA-S&P
500 Flagship SL Series Fund
|
1,605 | 285,539 | |||||
|
Unity
Bancorp, Inc. Stock Fund*
|
69,498 | 270,934 | |||||
|
SSGA-S&P
Midcap Index SL Series Fund
|
13,425 | 254,594 | |||||
|
SSGA-Long
U.S. Treasury Index SL Series
|
18,324 | 249,659 | |||||
|
SSGA-S&P
Growth Index SL Fund Series A
|
23,766 | 192,817 | |||||
|
SSGA-Pentegra
Stable Value Fund
|
16,694 | 190,024 | |||||
|
SSGA-Russell
2000 Index SL Series Fund
|
8,346 | 135,154 | |||||
|
SSGA
- Moderate Strategic Balanced SL Fund
|
11,056 | 126,934 | |||||
|
SSGA-S&P
Value Index SL Fund Series A
|
16,270 | 123,850 | |||||
|
SSGA-Daily
EAFE Index SL Series Fund
|
8,463 | 112,165 | |||||
|
SSGA
- Target Retirement 2015 SL
|
6,850 | 60,187 | |||||
|
SSGA-Aggressive
Strategic Balanced SL
|
5,766 | 50,792 | |||||
|
SSGA-NASDAQ
100 Index Non-lending Fund
|
6,585 | 49,532 | |||||
|
SSGA
- Conservative Strategic Balanced SL
|
3,134 | 45,291 | |||||
|
SSGA
Passive Bond Market SL Series Fund
|
2,076 | 39,529 | |||||
|
SSGA-REIT
Index Non-Lending Series Fund
|
2,221 | 36,614 | |||||
|
SSGA
- Target Retirement 2035 SL
|
87 | 673 | |||||
|
Loans
to Participants (Range of interest rates charged was 5% to 9.25%)
*
|
88,928 | 88,928 | |||||
|
Collective
Short Term Investment Funds
|
12,590 | 12,590 | |||||
| $ | 2,826,719 | ||||||
*
A party-in-interest as defined by ERISA
Page 9
of 10
SIGNATURE
OF PLAN ADMINISTRATOR
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees (or
other persons who administer the employee benefit plan) have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
Unity
Bank
Dated:
June 29, 2009
By:
/s/
Alan J. Bedner, Jr.
------------------------------
Alan
J. Bedner, Jr.
Plan
Administrator
EVP
and CFO
Page 10
of 10