SOURCE: Center Bancorp, Inc.

March 03, 2008 12:31 ET

Center Bancorp, Inc. Names Elliot I. Kramer and Howard Kent to the Board of Directors

UNION, NJ--(Marketwire - March 3, 2008) - Center Bancorp, Inc. (NASDAQ: CNBC), parent company to Union Center National Bank of Union, New Jersey, announced that at its Board meeting on February 28, 2008, the Corporation named Elliot I. Kramer and Howard Kent to the board of directors effective February 28, 2008.

Mr. Kramer is an Attorney and Partner with the law firm of Fox Rothschild LLP (Roseland, New Jersey) and, in addition to his tax practice, Mr. Kramer performs sophisticated estate planning for high net worth clients.

Mr. Kent is one of the founders and principals of Real Estate Equities Group, LLC and has been active in the real estate investment and management business for over 30 years. Mr. Kent, personally, is a shareholder of the Corporation.

"These two business leaders exhibit the qualities that will bring added depth and a mix of expertise to the Corporation during a period of accelerated change and business expansion," said Alexander A. Bol, Chairman of the Board.

He further indicated, "Our Board members welcome their commitment to the Corporation, demonstrated by their willingness to serve as we continue to execute on our strategic plan building our market share and business relationships in the Northern New Jersey area."

Mr. Kramer and Mr. Kent have been named to the Board of Directors of the Registrant.

About Center Bancorp

Center Bancorp, Inc. is a Financial Services Holding Company and 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 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 subsidiary, Center Financial Group LLC, provides financial services including brokerage services, insurance and annuities, mutual funds and financial planning. In the fourth quarter of 2007, Center formed a title insurance partnership, Center Title LLC, with Progressive Title Company in Parsippany to provide title services in connection with the closing of real estate transactions.

The Bank currently operates 13 branches in Union and Morris counties. Banking centers are located in Union Township (6 locations), Berkeley Heights, Boonton/Mountain Lakes, Madison, Millburn/Vauxhall, Morristown (1 location), Springfield, and Summit, New Jersey. 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.

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.

Contact Information

  • Investor Inquiries:
    Anthony C. Weagley
    President & Chief Executive Officer
    (908) 206-2886

    Joseph Gangemi
    Investor Relations
    (908) 206-2886