SOURCE: Center Bancorp, Inc.

August 24, 2006 12:00 ET

Center Bancorp, Inc. Declares Quarterly Dividend of $.09 Per Share

UNION, NEW JERSEY -- (MARKET WIRE) -- August 24, 2006 -- Center Bancorp, Inc. (NASDAQ: CNBC) parent company to Union Center National Bank of Union, New Jersey, announced that the Board of Directors declared a quarterly cash dividend of $.09 per share, for the quarter ending September 30, 2006. The dividend will be distributed on November 1, 2006, to shareholders of record on October 18, 2006.

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 station, Union Hospital and the Boys and Girls Club of Union. The Bank recently received approvals to install and operate one additional off-premise ATM locations in the Madison, New Jersey Transit Station, which is scheduled to be operational in 2006.

Union Center National Bank is the largest commercial Bank headquartered in Union County; it was chartered in 1923 and is a full-service banking company.

For further information regarding Center Bancorp, Inc., call 1-(800)-862-3683. For information regarding Union Center National Bank, visit our web site at

Forward-Looking Statements

All non-historical statements in this press release (including statements regarding cost-cutting measures, the impact of the Corporation's balance sheet repositioning, the Corporation's outlook for the balance of 2006 (including potential growth in loans and core deposits), the Corporation's net interest margin, the Corporation's long term outlook regarding profitability, the Corporation's goal to reduce other expenses, and the Corporation's expansion plans and the Corporation's views regarding the business climate in 2006 ) 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