Center Bancorp, Inc. Announces Appointment of New Chairman at Its Bank
UNION, N.J., July 31, 2013 (GLOBE NEWSWIRE) -- Center Bancorp, Inc.
(Nasdaq:CNBC) (the "Corporation", or "Center"), parent company of Union Center
National Bank ("UCNB" or the "Bank"), today announced that the Board of
Directors of the Bank has elected Howard Kent as the new Chairman of the Board
of the Bank. Anthony C. Weagley, President and CEO of the Bank, stated that
the appointment of Mr. Howard Kent was aimed at "bringing additional depth of
skills and experience to the Board of the Bank as the Company seeks to enter a
phase of strategic growth, principally in its loan portfolio, in its
continuous effort to remain one of the nation's finest financial
Mr. Kent will succeed Alexander Bol as the Chairman of the Board of the Bank.
Mr. Bol, who has been a director since 1994 and has served as Chairman of the
Board of both the Bank and Center for the past 12 years, will continue to
serve as the Chairman of the Board of Center. Mr. Weagley added: "Al Bol's
leadership of Center Bancorp and Union Center National Bank, his knowledge of
the banking industry and of our goals, coupled with his stature in the
community, are all part of his contribution to Center Bancorp."
Mr. Bol received his Bachelor of Architecture from Pratt Institute, Brooklyn,
New York. Mr. Bol established Bol Architecture in 1974 with the prestigious
commission of designing Murray Hill Square in New Providence, New Jersey. Mr.
Bol is a member of the American Institute of Architects and the New Jersey
Society of Architects and is certified by the National Council of
Architectural Registration Boards. Mr. Bol is a New Jersey licensed
Professional Planner and a registered Architect in the states of New Jersey,
Massachusetts, New York, and Pennsylvania.
Mr. Kent, who will assume the Chairman role of Union Center National Bank
effective today, has been a director since 2008, and currently serves as the
Chairman of the Loan and Discount Committee for the Bank. Mr. Weagley
commented: "Mr. Kent's knowledge about, and experience in, the real estate
investment and management business led the Board to tap his expertise in
expanding the leadership in the Chairman position for the Bank."
Howard Kent has been active in the real estate investment and management
business for over 35 years. He currently serves as a principal and co-founder
of Real Estate Equities Group, LLC, and as a principal of Real Estate
Management Group, LLC., located in Englewood, New Jersey.
From June 1975 to late 1978, Mr. Kent was an officer and principal stockholder
of Asset Management and Service Corp., served as a corporate general partner
for several limited partnerships and provided direct and supervisory
management for approximately 2,000 apartment units in the New York and
Washington D.C. metropolitan areas. In addition, he served as an individual
general partner in several real estate partnerships. From September 1970 to
June 1975, he was employed by a publicly owned real estate firm, ultimately
serving as manager of accounting and an auditor for a national accounting
Mr. Kent is a Certified Manager of Community Associations (CMCA). He currently
serves on the Board of Directors of Vantage Health Systems, located in Dumont
and Engelwood, New Jersey and serves on the ADL Florida Region Advisory
Council. He is a voting member of the American Institute of Economic Research,
located in Great Barrington, Massachusetts. He formerly served on the Boards
of the Jewish Federation of South Palm Beach County and the Jewish Federation
of North Jersey. He has served as Chairman of the Board of Directors of
American Investment Services, Inc., an SEC registered investment advisor with
approximately $450 million in assets under management.
Mr. Kent received his Bachelor of Science degree in accounting and business
administration in 1969 from Fairleigh Dickinson University.
In a separate action the Corporation also announced that the Boards of
Directors of the Corporation and the Bank have appointed acting chief
financial officer Francis R Patryn on a permanent basis. Mr. Patryn has been
filling the role since the departure of Vincent Tozzi on May 31, 2013, and
prior to his appointment was chief financial comptroller -- a position he held
for 15 years.
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 16 banking locations in Bergen, Mercer,Morris and
Union Counties in New Jersey. Banking centers are located in Union Township (5
locations), Berkeley Heights, Boonton/Mountain Lakes,Englewood, Madison,
Millburn/Vauxhall, Morristown, Oakland, Princeton, Saddle River, Springfield,
and Summit, New Jersey. The Bank's primary market area is comprised of central
and northern New Jersey.
All non-historical statements in this press release (including statements
strategic growth) 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,
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 Center Bancorp's most recent Annual Report
on Form 10-K and other reports filed by Center Bancorp 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 any time.
CONTACT: Investor Inquiries:
Joseph D. Gangemi
Senior VP, Investor Relations
France Delle Donne
Senior VP, Director of
Communications & PR
Center Bancorp, Inc. Logo
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