SOURCE: Center Bancorp, Inc.

June 26, 2006 12:34 ET

Center Bancorp, Inc. Announces Its Inclusion in the New Nasdaq Global Select Market

UNION, NJ -- (MARKET WIRE) -- June 26, 2006 -- Center Bancorp Inc. (NASDAQ: CNBC), parent company to Union Center National Bank, today announced that it is included in the new NASDAQ Global Select Market. The NASDAQ Global Select Market has the highest initial listing standards of any exchange in the world based on financial and liquidity requirements. Prior to the change, the company had been listed on the NASDAQ National Market.

Beginning July 3, NASDAQ-listed companies will be classified under three listing tiers -- NASDAQ Global Select Market, NASDAQ Global Market, and NASDAQ Capital Market. NASDAQ also plans to launch indexes based on these new tiers.

"Center Bancorp, Inc. is an example of an industry leader that has achieved superior listing standards, which clearly defines the essence of the NASDAQ Global Select Market," said Bruce Aust, Executive Vice President, Corporate Client Group. "NASDAQ is focused on leading a race to the top in terms of listing qualifications. In recognizing these companies, we are highlighting their achievement in meeting the requirements to be included in the market with the highest listing standards in the world," added Mr. Aust.

NASDAQ announced the new three tier listing classification in February 2006. All three market tiers will maintain rigorous listing and corporate governance standards. For additional information about the NASDAQ Global Select Market, please go to: www.nasdaq.com/GlobalSelect.

About NASDAQ

NASDAQ is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit www.nasdaq.com or the NASDAQ Newsroom at http://www.nasdaq.com/newsroom/.

About Center Bancorp, Inc.

Center Bancorp, Inc. is the largest commercial Bank headquartered in Union County, New Jersey and operates in the densely populated areas of Northern New Jersey and has a growing presence in the high income Morris County market where it has opened three branches in Morristown, one most recently with the acquisition of Red Oak Bank in Morristown and a location in Madison.

John J. Davis, President and Chief Executive Officer, noted "We are both honored and pleased at the recognition by NASDAQ. Our selection for inclusion into the new NASDAQ Global Select Market comes on the same day the company is celebrating its ten year anniversary by ringing the closing bell at NASDAQ and it's 83rd year as a publicly traded Company."

Center Bancorp, Inc., through its wholly owned subsidiary, Union Center National Bank, Union, New Jersey, currently operates fourteen banking locations. Banking centers are located in Union Township (6 locations), Berkeley Heights, Madison, Millburn/Vauxhall, Morristown (3 locations), Springfield, and Summit, New Jersey. The Bank also operates remote ATM locations in the Union and Chatham New Jersey Transit train stations, Union Hospital and the Boys and Girls Club of Union. The Bank recently received approval to install and operate an additional off-premise ATM location in the Madison New Jersey Transit Station, which is scheduled to be operational in 2006. The Corporation also has current expansion plans for locations in Boonton/Mountain Lakes, Cranford, Florham Park and Westfield New Jersey.

Forward-Looking Statements

All non-historical statements in this press release (including statements regarding plans to open ATMs) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may use such forward-looking terminology 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 the deregulation of the financial services industry, and other risks cited in 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 any time.

Contact Information

  • Contact:
    Anthony C. Weagley
    Vice President and Treasurer
    (908) 206-2886