The Bank Slate


FDIC frees Unity Bank in N.J. from consent order

The Federal Deposit Insurance Corp. has terminated a consent order against the bank unit of Unity Bancorp in Clinton, N.J.

The $2.3 billion-asset United disclosed in a regulatory filing that the July 2020 order was terminated on Tuesday.

The order, which followed a 2019 safety and soundness examination, required the bank to strengthen its Bank Secrecy Act/anti-money laundering program. It also required the bank’s board to form a committee to oversee compliance with the order and enhance certain policies and procedures.

The bank was also required to enhance staff training, along with board and management oversight.

Unity estimated when the order was levied that the compliance costs would be about $1.8 million.

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