UNION, N.J., March 14, 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 that Union Center National Bank has filed an application with the Office of the Comptroller of the Currency for approval to open a Private Banking and Loan Production office in Princeton, New Jersey. The new Princeton banking center will be located at 344 Nassau Street.
"Having a physical presence in Princeton will enable us to better serve the financial needs of our existing clients in the area and meet Center's strategic plan to expand the reach of our branch network," explains Anthony C. Weagley, President and Chief Executive Officer. "We look forward to opening our first Office in Mercer County and expect this facility to be operational by mid-year 2013," he added.
In addition to the Bank's wide range of consumer and business products and services, our commercial lending and private banking officers will also be featured in the new Princeton office.
"We are excited to have already been drawing business from the Princeton area, and are confident that our presence and heightened visibility in that market will enhance our business development efforts. Our management team looks forward to meeting more of our neighbors, civic leaders and local businesses, and supporting the community in a variety of meaningful and lasting ways," added Mr. Weagley.
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 15 banking locations in Union, Morris and Bergen 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, and Summit, New Jersey. The Bank's primary market area is comprised of Union, Morris and Bergen Counties, New Jersey.
For further information regarding Center Bancorp, Inc., please visit our website at http://www.centerbancorp.com or call 800.862.3683. For information regarding Union Center National Bank, please visit our website at www.ucnb.com.
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All non-historical statements in this press release (including statements regarding our expanding our presence in key markets, our potential to create incremental shareholder value from our strategic growth, growth in earnings performance, the amount of the Small Business Lending Fund dividend and margin improvement, ) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may use forward-looking terminology such 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, Center Bancorp's ability to integrate Saddle River Valley Bank's branches into Center Bancorp's branch network, 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 economic recovery and the deregulation of the financial services industry, and other risks cited in the Corporation's most recent Annual Report on Form 10-K and other 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: Investor Inquiries: Joseph D. Gangemi Senior Vice President, Investor Relations 908.206.2863 Media Inquiries: France Delle Donne Senior Vice President, Communications & PR 908.206.2668
Source:Center Bancorp, Inc.