Attached files
| file | filename |
|---|---|
| 8-K - ConnectOne Bancorp, Inc. | v187071_8k.htm |
| EX-99.2 - ConnectOne Bancorp, Inc. | v187071_ex99-2.htm |
Center
Bancorp, Inc. Describes Plans
Union, NJ -- (GLOBE NEWSWIRE) --June
1, 2010 -- Center Bancorp, Inc. (NASDAQ: CNBC) (the “Corporation” or
“Center”), parent company of Union Center National Bank, previously filed a
shelf registration statement with the SEC, which was declared effective on May
5, 2010. Center announced today that while it had been considering
selling common stock off the shelf, it has decided that in light of current
market volatility, now is not the appropriate time to launch an
offering. Center will continue to evaluate a potential stock
offering in the future, depending upon market conditions and other
factors. Such evaluation will take into account Center’s market
position, market opportunities and benefits associated with raising additional
capital.
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
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 Division which includes its wholly owned subsidiary,
Center Financial Group LLC, provides financial services, including brokerage
services, insurance and annuities and mutual funds.
The Bank
currently operates 13 banking locations in Union and Morris counties in New
Jersey. Banking centers are located in Union Township (6 locations), Berkeley
Heights, Boonton/Mountain Lakes, Madison, Millburn/Vauxhall, Morristown,
Springfield, and Summit, New Jersey. The Bank also operates remote ATM locations
in the Chatham and Madison New Jersey Transit train stations, and the Boys and
Girls Club of Union.
While the
Bank’s primary market area is comprised of Morris and Union Counties, New
Jersey, the Corporation has expanded to northern and central New Jersey. At
March 31, 2010, the Corporation had total assets of $1.2 billion, total deposit
funding sources, which includes overnight repurchase agreements, of $832.7
million and stockholders’ equity of $104.6 million. For further
information regarding Center Bancorp, Inc., visit our web site at http://www.centerbancorp.com
or call (800)-862-3683. For information regarding Union Center National Bank,
visit our web site at http://www.ucnb.com.
Forward-Looking
Statements
All
non-historical statements in this press release (including statements regarding
future performance, future results, future market and economic conditions,
profitable growth, economic recovery and future core deposits) 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 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, 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 current global financial crisis and the
deregulation of the financial services industry, and other risks cited in the
Corporation’s most recent Annual Report on Form 10-K, as amended, 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.
Investor
Inquiries:
Anthony
C. Weagley
President
& Chief Executive Officer
(908)
206-2886
Joseph
Gangemi
Investor
Relations
(908)
206-2863