United National Announces Results of Annual Meeting of Shareholders

Apr 18, 2001, 01:00 ET from United National Bancorp

    BRIDGEWATER, N.J., April 18 /PRNewswire/ --
 United National Bancorp (Nasdaq:   UNBJ), parent company of United National
 Bank, today announced the results from its annual Meeting of Shareholders held
 yesterday at the Company's headquarters in Bridgewater.
     Four directors were reelected with at least 96 percent of shares voted:
 George W. Blank, president of The MedTech Group, Inc.; John R. Kopicki, senior
 vice president-clinical services, Solaris Health Sytems; John W. McGowan III,
 attorney and director, Herold and Haines, PA; and Paul K. Ross, principal,
 Ross, Rosenthal & Co., LLP.
     The Company's 2001 Non-Employee Director Long Term Equity Plan was
 approved by a vote of 67 percent.  This plan provides for options to purchase
 shares and restricted stock grants of United National common stock to be
 issued to directors of the Company who are not also employees.
     The Company's 2001 Officer Long Term Equity Plan was approved by a vote of
 70 percent.  This plan provides for stock based incentive performance awards
 for executives and other officers of the Company and its subsidiaries.
     In his address to shareholders at the annual meeting, Thomas C. Gregor,
 chairman and chief executive officer of United National highlighted the
 Company's performance over the past year.  "For United National, 2000 was a
 year marked by good financial results combined with strategic progress towards
 our goal of being a high performance community-oriented organization," stated
 Mr. Gregor.  "We remain very focused on bottom line growth.  Over the past
 five years our earnings per share have grown at an annual compound growth rate
 of over 11 percent.  Our goal for 2001 is earnings per share of $1.73."
     Warren R. Gerleit, president and chief operating officer of United
 National Bank, discussed the Bank's emphasis on loan quality.  "Since 1997,
 our Non-Performing Assets to Total Assets Ratio has steadily declined to
 0.29 percent today," he stated.  "We cut our non-performing assets in half
 while doubling the size of our loan portfolio.  During 2001, we are optimistic
 that the loan portfolio will continue to grow and maintain its high quality."
     United National Bancorp, headquartered in Bridgewater, New Jersey, is a
 $2.1 billion asset commercial bank holding company whose principal subsidiary
 is United National Bank.  The Bank operates 34 offices throughout Essex,
 Hunterdon, Middlesex, Morris, Somerset, Union and Warren counties in New
 Jersey.  United National provides a complete range of personal and business
 banking services as well as an array of trust and investment services.  United
 Commercial Capital Group, a subsidiary of United National Bank, provides
 timely and innovative financing solutions for real estate and commercial
 transactions that do not fall within the boundaries of traditional bank
 financing.  Visit United National on the World Wide Web at
 http://www.united-national.com.
 
     The foregoing contains forward-looking statements within the meaning of
 The Private Securities Litigation Reform Act of 1995.  Such statements are not
 historical facts and include expressions about our confidence and strategies
 and our expectations about earnings, opportunities, and market conditions.
 These statements may be identified by such forward-looking terminology as
 "goal", "expect", "believe", "anticipate", or by expressions of confidence
 such as"optimistic" "consistent", "continue", "strong", or similar statements
 or variations of such terms.  Such forward-looking statements involve certain
 risks and uncertainties.  These include, but are not limited to expected
 future loan growth; expected cost savings not being realized or not being
 realized within the expected time frame; income or revenues being lower than
 expected or operating costs higher; competitive pressures in the banking or
 financial services industries increasing significantly; business disruption
 related to program implementation or methodologies; weakening of general
 economic conditions nationally or in New Jersey; changes in legal and
 regulatory barriers and structures; and unanticipated occurrences delaying
 planned programs or initiatives or increasing their costs or decreasing their
 benefits.  Actual results may differ materially from such forward-looking
 statements.  The company does not assume any obligation for updating any such
 forward-looking statements at any time.
 
 

SOURCE United National Bancorp
    BRIDGEWATER, N.J., April 18 /PRNewswire/ --
 United National Bancorp (Nasdaq:   UNBJ), parent company of United National
 Bank, today announced the results from its annual Meeting of Shareholders held
 yesterday at the Company's headquarters in Bridgewater.
     Four directors were reelected with at least 96 percent of shares voted:
 George W. Blank, president of The MedTech Group, Inc.; John R. Kopicki, senior
 vice president-clinical services, Solaris Health Sytems; John W. McGowan III,
 attorney and director, Herold and Haines, PA; and Paul K. Ross, principal,
 Ross, Rosenthal & Co., LLP.
     The Company's 2001 Non-Employee Director Long Term Equity Plan was
 approved by a vote of 67 percent.  This plan provides for options to purchase
 shares and restricted stock grants of United National common stock to be
 issued to directors of the Company who are not also employees.
     The Company's 2001 Officer Long Term Equity Plan was approved by a vote of
 70 percent.  This plan provides for stock based incentive performance awards
 for executives and other officers of the Company and its subsidiaries.
     In his address to shareholders at the annual meeting, Thomas C. Gregor,
 chairman and chief executive officer of United National highlighted the
 Company's performance over the past year.  "For United National, 2000 was a
 year marked by good financial results combined with strategic progress towards
 our goal of being a high performance community-oriented organization," stated
 Mr. Gregor.  "We remain very focused on bottom line growth.  Over the past
 five years our earnings per share have grown at an annual compound growth rate
 of over 11 percent.  Our goal for 2001 is earnings per share of $1.73."
     Warren R. Gerleit, president and chief operating officer of United
 National Bank, discussed the Bank's emphasis on loan quality.  "Since 1997,
 our Non-Performing Assets to Total Assets Ratio has steadily declined to
 0.29 percent today," he stated.  "We cut our non-performing assets in half
 while doubling the size of our loan portfolio.  During 2001, we are optimistic
 that the loan portfolio will continue to grow and maintain its high quality."
     United National Bancorp, headquartered in Bridgewater, New Jersey, is a
 $2.1 billion asset commercial bank holding company whose principal subsidiary
 is United National Bank.  The Bank operates 34 offices throughout Essex,
 Hunterdon, Middlesex, Morris, Somerset, Union and Warren counties in New
 Jersey.  United National provides a complete range of personal and business
 banking services as well as an array of trust and investment services.  United
 Commercial Capital Group, a subsidiary of United National Bank, provides
 timely and innovative financing solutions for real estate and commercial
 transactions that do not fall within the boundaries of traditional bank
 financing.  Visit United National on the World Wide Web at
 http://www.united-national.com.
 
     The foregoing contains forward-looking statements within the meaning of
 The Private Securities Litigation Reform Act of 1995.  Such statements are not
 historical facts and include expressions about our confidence and strategies
 and our expectations about earnings, opportunities, and market conditions.
 These statements may be identified by such forward-looking terminology as
 "goal", "expect", "believe", "anticipate", or by expressions of confidence
 such as"optimistic" "consistent", "continue", "strong", or similar statements
 or variations of such terms.  Such forward-looking statements involve certain
 risks and uncertainties.  These include, but are not limited to expected
 future loan growth; expected cost savings not being realized or not being
 realized within the expected time frame; income or revenues being lower than
 expected or operating costs higher; competitive pressures in the banking or
 financial services industries increasing significantly; business disruption
 related to program implementation or methodologies; weakening of general
 economic conditions nationally or in New Jersey; changes in legal and
 regulatory barriers and structures; and unanticipated occurrences delaying
 planned programs or initiatives or increasing their costs or decreasing their
 benefits.  Actual results may differ materially from such forward-looking
 statements.  The company does not assume any obligation for updating any such
 forward-looking statements at any time.
 
 SOURCE  United National Bancorp