Center Bancorp, Inc. Announces Planned Increase in Cash Dividend of 36.36
UNION, N.J., April 26, 2013 (GLOBE NEWSWIRE) -- Center Bancorp, Inc.
(Nasdaq:CNBC), (the "Company," or "Center"), parent company of Union Center
National Bank ("UCNB" or the "Bank"), announced that its Board of Directors
intends to increase the quarterly cash dividend to $0.075 cents per share of
common stock, representing an increase of $0.020 or 36.36% compared with the
current declared dividend. The increase in the cash dividend will be effective
with the quarterly declaration to be made in May for the quarter ending June
30, 2013. It will be payable on or about August 1, 2013, to all shareholders
of recordon July12, 2013.
"The increase in the cash dividend offers our shareholders an added tangible
benefit and we believe it reflects the current performance momentum,"
indicated Anthony C. Weagley, President and Chief Executive Officer.
"Center's Union Center National Bank subsidiary continues to improve
performance and execute on its strategic plans.We believe that the opening of
ournew Private Banking and Loan Production Office in Princeton, New Jersey
during the summer of 2013 will be another positive step for us.Center looks
forward to bringing to this new market our trademark style of true community
banking," 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, 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,Englewood, Madison,
Millburn/Vauxhall, Morristown, Oakland, Saddle River, Springfield, and Summit,
New Jersey. Center received approval from the Office of the Comptroller of the
Currency to open a Private Banking and Loan Production Office in Princeton,
NJ. The Bank's primary market area is comprised of central and northern New
All non-historical statements in this press release (including statements
regarding our expanding our presence in Princeton through a new office and our
positive performance) 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
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
CONTACT: Investor Inquiries:
Senior Vice President
France Delle Donne
Senior Vice President
Communications & PR
Center Bancorp, Inc. Logo
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