UNION, N.J., Sept. 25, 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 in response to the news release yesterday made by the United States Attorney's Office District of New Jersey, related to fines against Saddle River Valley Bank, President and CEO Anthony C. Weagley indicated that Center Bancorp and its wholly owned subsidiary Union Center National Bank, did not purchase Saddle River Valley Bank in its transaction in 2012. Its acquisition was a purchase of certain assets and deposits, as stated in the purchase and assumption agreement filed with the Securities and Exchange Commission at the time of the acquisition. Therefore the announcement of fines from the various agencies and settlement with the U.S. Government has nothing to with Center or the Bank and the payment of any fines is solely between Saddle River Valley Bank and the U.S. Government. The activity conducted at Saddle River leading to the fines had occurred prior to Center's acquisition and were not a part of the transaction with Center Bancorp.
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, Saddle River, Springfield, Princeton and Summit, New Jersey. Center opened a Private Banking and Loan Production Office in Princeton, NJ in June 2013. The Bank's primary market area is comprised of central and northern New Jersey.
For further information regarding Center Bancorp, Inc., please visit our web site at http://www.centerbancorp.com or call (800) 862-3683. For information regarding Union Center National Bank, please visit our web site at www.ucnb.com.
CONTACT: Joseph D. Gangemi Senior VP, Investor Relations (908) 206-2863
Source:Center Bancorp, Inc.