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Unity Bancorp receives Treasury approval to repurchase some TARP shares

Unity Bancorp announced that it has received approval of its application from the U.S. Department of Treasury to redeem half of the 20,649 shares of preferred stock issued in connection with the company's participation in the Treasury's Capital Purchase Program. On May 15, the company will pay $10.3M to the Treasury to repurchase 10,325 shares of the preferred stock, including accrued and unpaid dividends for the shares.