UNION, N.J., May 27, 2008 (PRIME NEWSWIRE) -- Center Bancorp, Inc. (Nasdaq:CNBC), parent company of Union Center National Bank, ("UCNB") today announced that at its regular Board meeting on May 22nd, that Paul Lomakin, Jr. and Herbert Schiller retired from the Board.
The Board thanked both directors for their long term service and commitment to both the Board of Center Bancorp, Inc. and Union Center National Bank. Paul Lomakin, Jr. had served on the Board for over 31 years and Herbert Schiller had served on the Board for over 18 years.
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. UCNB focuses its lending activities on commercial lending to small and medium sized businesses, real estate developers and high net worth individuals.
At present, UCNB holds trust powers and operates Center Financial Group, LLC, which provides financial services, including brokerage services, insurance and annuities and mutual funds. This unit will be merged into the Private Clients Group umbrella, through a new partnership with American Economic Planning Group Clients will have access to unparalleled one-stop wealth management services ranging from investment counseling, financial planning, estate planning, pension/401(k) planning, employee benefits and elder care consulting, remittance and trust services to insurance advice.
UCNB 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, 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.
While UCNB'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, 2008, UCNB had total assets of $1.0 billion, total deposits of $623 million and stockholders' equity of approximately $85.4 million.
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.