SOURCE: Center Bancorp, Inc.

August 23, 2007 14:31 ET

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

UNION, NJ--(Marketwire - August 23, 2007) - Center Bancorp, Inc. (NASDAQ: CNBC), parent company to Union Center National Bank of Union, New Jersey, announced today that the Board of Directors declared a quarterly cash dividend of $.09 per share. This dividend declared is for the quarter ending September 30, 2007. The dividend will be distributed on November 1, 2007, to shareholders of record on October 18, 2007.

About Center Bancorp

Center Bancorp, Inc., through its wholly owned subsidiary, Union Center National Bank, Union, New Jersey, currently operates 15 banking locations. Banking centers are located in Union Township (6 locations), Berkeley Heights, Boonton/Mountain Lakes, Madison, Millburn/Vauxhall, Morristown (3 locations), Springfield, and Summit, New Jersey. Construction will begin shortly on a new banking location in Florham Park, New Jersey and plans are underway to add a branch in Cranford, New Jersey as well. The Bank also operates remote ATM locations in the Union, Chatham and Madison New Jersey Transit train stations, Union Hospital and the Boys and Girls Club of Union.

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 http://www.centerbancorp.com

Forward-Looking Statements

All non-historical statements in this press release including statements regarding the anticipated financial consequences of the pension freeze and staffing reductions, the Corporation's strategic goals and priorities and the possibility of undertaking additional initiatives 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 impact of cost-cutting measures on employee morale, the ability of the Corporation to implement its strategies promptly, the competitive pressures experienced by the Corporation in the marketplace 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

  • Investor Inquiries:
    Anthony C. Weagley
    Vice President and Treasurer
    Center Bancorp, Inc.
    (908) 206-2886