Unity Bancorp, Clinton, N.J., has sold $43 million of home equity loans to an undisclosed purchaser. The proceeds from the loan sale will fund the sale of deposits connected with the sale of six of the bank'sbranches. Unity is selling five branches with $45 million in deposits to SI Bank & Trust for a premium of 6.5%.The other branch is being sold to Hilltop Community Bank for an 11.15% premium. The loan sales and gains from thebranch sales should bring Unity to a 6% equity-capital-to-assets ratio as required by its regulator, the New JerseyCommissioner of Banking and Insurance.
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