Photo Release -- Center Bancorp, Inc. Announces Key Executive Promotions
UNION, N.J., Feb. 26, 2013 (GLOBE NEWSWIRE) -- Center Bancorp, Inc.
(Nasdaq:CNBC) (the "Corporation", or "Center"), parent company of Union Center
National Bank ("UCNB" or the "Bank"), announced today the promotion of a
number of individuals to key positions within the organization.
Michael J. McGrover
Michael J. McGrover, Sr. Vice
Mark S. Cardone
Mark S. Cardone, Sr. VP,
Branch Administration &
France Delle Donne
France Delle Donne, Sr.
VP, Communications & PR
Joseph D. Gangemi
Joseph D. Gangemi, VP,
Photos accompanying this release are available at:
"Union Center National Bank is committed to a culture of excellence at every
level of the organization. The promotions announced today will allow the
company to better position itself for continued growth, higher level of client
service and communications, and to greater visibility," stated Bank President
& CEO Anthony C. Weagley. "It is with immense pleasure I announce the
promotion of several key team members who play an integral role in shaping
Union Center National Bank's strategy and performance,"said Mr. Weagley.
Mark S. Cardone, who held the title of senior vice president, retail banking
services, was named first senior vice president; a newly created title at the
Bank. "Mark will continue in his role as head of retail, shifting focus to our
strategic niches, managing markets, and the Bank's Private Banking and Wealth
Management division," said Mr. Weagley.Cardone will oversee the entire
Private Banking division and its team of executives who provide investment
management and fiduciary services to a variety of clients, including
individuals, growing businesses, corporations, nonprofit and religious
organizations, retirement accounts, and trust and estate relationships.
Mark Cardone joined the Bank in 2001 as senior vice president, branch
administration. Prior to joining UCNB, Mr. Cardone held various senior
leadership positions with Summit Bank and Fleet Bank covering the northern New
Jersey market.Mark is a graduate of the ABA Stonier Graduate School of
Banking, and resides with his family in New Providence, NJ.
Michael J. McGrover, who held the title of senior vice president and senior
lender, was promoted to first senior vice presidentand continuing to oversee
lending for the Bank. "Mike has brought tremendous energy and experience to
the Bank complemented by his leadership skills. He will continue to play a
critical role in growing and diversifying our loan portfolio; one of several
strategies we want to employ toward improving the Bank's performance," said
Anthony C. Weagley, Bank President & CEO.
Mr. McGrover joined Center in early 2012 from Spencer Savings Bank, where he
was vice president, commercial and industrial lending, for nine years. Prior
to Spencer, Mike McGrover was vice president and credit officer with PNC Bank.
He resides with his family in Newton, NJ.
France Delle Donne who held the title of vice president, communications and
public relations, was named to senior vice president.France, in addition to
her existing role, will with this promotion also assume direction for the
bank's marketing & advertising division. "France has been key in our
communications and proved instrumental in the elevation and visibility of our
brand image," stated Anthony C. Weagley.
Ms. Delle Donne, who joined the Bank in May 2012, came from the Morristown
Partnership where she was Director of Development for six years. Before that
she served on a number of not-for-profit organizations Boards, including The
Peck School, Morris County Tourism Bureau, and Junior League of Morristown,
and was with Merrill Lynch. France and her family reside in New Vernon, NJ.
Joseph D. Gangemi, who held the title of vice president, investor relations,
and corporate secretary, was promoted to senior vice president and chief of
staff; a newly created position. President and CEO of Center, Anthony C.
Weagley, noted, "Through the creation of this new position our Board has
provided a platform for Joseph, a key member of our leadership team, in the
executive offices in addition to his current role in investor relations and
corporate secretary." Gangemi "Will assume responsibility for leadership in
several key areas including treasury, and strategic planning in playing a
larger role in charting the course for our bank," added Mr. Weagley.
At the Bank since 2004, Mr. Gangemi has held several positions at the Bank and
Corporations' executive offices. He is currently a student at the ABA Stonier
Graduate School of Banking. Joseph Gangemi lives with his family in Califon,
Union Center Also announced the promotion of Raymond Tirtadjaja to assistant
vice president. Raymond currently handles IT for the Bank and acts as the
liaison with our outsourced vendors. Mr. Tirtadjaja joined Union Center
National Bank in 1996 and has held various positions since including Systems
Analyst and IT Manager. He became a Bank officer in 2007 and resides in
"These people are exceptionally talented individuals who have grown and
developed their knowledge through some of the most challenging years the
banking industry has ever experienced," said Anthony C. Weagley."They have
been strong contributors to the success of our bank," added Mr. Weagley.
About Center Bancorp
Center Bancorp, Inc. is a bank holding company, which operates Union Center
National Bank, its main subsidiary. Chartered in 1923, Union Center National
Bank is one of the oldest national banks headquartered in the state of New
Jersey and now ranks as the third largest national bank headquartered in the
state.Union Center National Bank is currently the largest commercial bank
headquartered in Union County. Its primary market niche is its commercial
banking business. The Bank focuses its lending activities on commercial
lending to small and medium-sized businesses, real estate developers and high
net worth individuals.
The Bank, through its Private Banking and Wealth Management Division, which
includes its wholly-owned subsidiary, Center Financial Group LLC, provides
personalized wealth management and advisory services to high net worth
individuals and families. Our services include banking, liquidity management,
investment services, custody, tailored lending, wealth planning, trust and
fiduciary services, insurance, family wealth advisory services and
philanthropic advisory services.The Bank, through a strategic partnership
between the Bank's Private Banking Division and Alexander, Troy & Company
("AT&CO."), Family Office Services, of Katonah, New York, provides customized
financial and administrative services to high-net worth individuals.
Center also through a strategic partnership with Compass Financial Management,
LLC and ING offers pension/401(k) planning services.Compass is an Investment
Advisory Company with five decades of cumulative experience providing
investment services in a personal, professional and attentive manner.They
provide discretionary private investment management for individuals and
corporate accounts as well as 401(k) advisory services.
The Bank currently operates 15 banking locations in Union, Morris and Bergen
Counties in New Jersey. Banking centers are located in Union Township (5
locations), Berkeley Heights, Boonton/Mountain Lakes,Madison,
Millburn/Vauxhall, Morristown, Oakland, Saddle River, Springfield, and Summit,
New Jersey. The Bank's primary market area is comprised of Union, Morris and
Bergen Counties, New Jersey. Also, the Corporation opened the new Englewood
banking center, located in downtown Englewood, NJ, in December 2012.
For further information regarding Center Bancorp, Inc., please visit our web
site at http://www.centerbancorp.com or call (800) 862-3683. For information
regarding Union Center National Bank, please visit our web site at
The Center Bancorp, Inc. logo is available at
The Union Center National Bank logo is available at
All non-historical statements in this press release (including statements
regarding the opening of the Corporation's Englewood branch, the effects of
the Corporation's balance sheet restructuring, the Corporation's ability to
derive optimized long-term shareholder returns, the ability of the Corporation
to leverage its regional and central infrastructure, the effects of the
Corporation's strategic planning efforts, the ability of the Corporation to
expand its franchise and services, the ability of the Corporation to recognize
improved margins in future quarters, the likelihood of the Corporation's
reporting growth in the fourth quarter, the Corporation's ability to disburse
the Corporation's undisbursed loan commitments, the lack of material
anticipated losses from the Corporation's non-accrual loans and the timing of
foreclosure actions) constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements may use forward-looking terminology such as "expect," "look,"
"believe," "plan," "anticipate," "may," "will" or similar statements or
variations of such terms or otherwise express views concerning trends and the
future. Such forward-looking statements involve certain risks and
uncertainties. These include, but are not limited to, the direction of
interest rates, continued levels of loan quality and origination volume,
Center Bancorp's ability to integrate Saddle River Valley Bank's branches into
Center Bancorp's branch network, continued relationships with major customers
including sources for loans, as well as the effects of international,
national, regional and local economic conditions and legal and regulatory
barriers and structure, including those relating to economic recovery and the
deregulation of the financial services industry, and other risks cited in the
Corporation's most recent Annual Report on Form 10-K and other reports filed
by the Corporation with the Securities and Exchange Commission. Actual results
may differ materially from such forward-looking statements. Center Bancorp,
Inc. assumes no obligation for updating any such forward-looking statement at
CONTACT: Investor Inquiries:
Joseph D. Gangemi
Senior Vice President,
Media Inquiries :
France Delle Donne
Senior Vice President,
Communications & PR
Center Bancorp, Inc. Logo
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