UNION, N.J., June 9, 2008 (PRIME NEWSWIRE) -- Center Bancorp, Inc. (Nasdaq:CNBC), parent company of Union Center National Bank ("UCNB"), today announced the formation of an Advisory Board. The new Advisory Board members include local leaders in business; currently over 35 leaders have been named to UCNB's new advisory board. In the coming month the board will be divided into three separate boards, Union Board, Morris Board and Northern Jersey/Metropolitan Board. The diverse group of attorneys, accountants, builders, realtors, business entrepreneurs and more met on June 4, 2008, to begin discussing the Board's mission: how to enhance visibility and grow UCNB's already well-established role as a premier New Jersey Banking Company and leading business and community partner.
Discussing the Board's mission: how to enhance and grow UCNB's established role as a leading business and community partner, Anthony C. Weagley, Chief Executive Officer and President of Union Center National Bank and Center Bancorp, Inc., convened the Advisory Board to solicit input from leaders representing many areas of business on an ongoing basis, and to help broaden UCNB's exposure in the Northern New Jersey metropolitan markets. "For almost 85 years," says Mr. Weagley, "UCNB had been one of the state's best kept secrets in Banking and has specialized in providing customized financial services for owners of small and mid-sized businesses. We have been successful in this respect by establishing long-term, multi-faceted relationships with our customers, and by responding to their needs. As the Bank grows and continues to reshape its customer base toward lending, we want to insure that we continue to receive this valuable feedback from our customers and increase our visibility in the markets." Alexander A. Bol, Chairman of the Center Bancorp, Inc. Board of Directors noted, "The advisory board provides us with a formal structure whereby we can be both proactive and responsive to our customers, designed to aid in the creation of long term sustainable revenue streams in the future."
Mr. Weagley also reaffirmed the Bank's current strategic alliance with American Economic Planning Group ("AEPG") to provide wealth management services. Steven Kaye, President of AEPG, who is also a member of the advisory board, spoke at the event, noting the market synergies that can be created with our partnership. 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 has been merged into the Wealth Management umbrella within UCNB. Kevin Stant, Vice President, was recently named director of the division, which includes our Private Clients Group. Clients will have access to a full menu of 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.
Members of the Advisory Board include:
ADAM KENT HOWARD SCHWARTZ Real Estate Equities Group, LLC Schwartz, Barkin & Mitchell ANTHONY D'AMORE JACK VAN HORNE NATC-Donuts, Inc. Reeve & Van Horne, Esqs. BARRY R. MANDELBAUM JEFFREY I. LIEBERMAN Mandelbaum, Salsburg, Gold Weinberg, Lieberman & Co. CHRISTIAN ERICSON JOE PAPARO BITS Hehl & Hehl, PC EVAN ROSEN JOE SIMONTACCHI The Solomon Organization, LLC Simontacchi & Co., LLC FRANK FAZIO JOHN STOLZ Porzio, Bromberg & Newman, PC Lowenstein Sandler, PC GARY GABRIEL LEE WASSERMAN Cushman & Wakefield, Inc. LEW Corporation GEORGE E. D'ALOIA MARK D. BIGOS D'Aloia & D'Aloia Towne Realty Group GEORGE JACOBS MARVIN LEHMAN Jacobs Enterprises, Inc. Marvin Lehman, Esq. GREG VAN CLEEF, JR. MITCHELL DANZIS Real Estate Equities Group, LLC Danvest, LLC NICK MINOIA VICTOR ANGELINE Diversified Properties M. Gordon Construction Co. PAUL MARSHALL WILLIAM LAMPETER Marshall & Moran, Inc. J.H. Cohn, LLP ROBERT VENTURO ZACHARY SOLOMON Well Done Building Products The Solomon Organization, LLC ROB GENOVESE BETH WELSH Hehl & Hehl, PC Bassett Associates ROBERT C. GAROFALO MARILYN HENSHAW Garofalo, Zierak & O'Neill, PA Progressive Title Agency ROBERT FORST STEVEN W. KAYE Forst Contracting & Development American Economic Planning Group RON PEARCE STEVE MCFARLAND CH Kauffman & Associates, Inc. The Hilltop Parmley Partners RUSSELL DREYER Dreyer's Lumber SAMUEL PEPPER Metropolitan Mortgage & Realty STEPHEN PRIBULA Pribula & Pribula, PC
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.
UCNB currently operates 12 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, 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.
Non-historical information in this press release constitute "forward-looking statements." These statements involve risks and uncertainties that could cause actual results to differ materially from such statements, including without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, and the effects of competition. Additional factors that could cause actual results to differ materially are discussed in Center Bancorp's recent filings with the Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K and its other periodic reports.