April 30 - Center Bancorp Inc. (Nasdaq: CNBC), parent company of Union Center National Bank in Union, N.J., has announced that its board of directors intends to increase the quarterly cash dividend to 7 cents per share of common stock, representing an increase of 2 cents or 36.36 percent compared with the current declared dividend. The increase in the cash dividend will be effective with the quarterly declaration to be made in May for the quarter ending June 30, 2013. It will be payable on or about Aug. 1, 2013, to all shareholders of record on July 12, 2013.
"The increase in the cash dividend offers our shareholders an added tangible benefit and we believe it reflects the current performance momentum," indicated Anthony C. Weagley, president and CEO.
"Center's Union Center National Bank subsidiary continues to improve performance and execute on its strategic plans. We believe that the opening of our new Private Banking and Loan Production Office in Princeton, N.J., during the summer of 2013 will be another positive step for us. Center looks forward to bringing to this new market our trademark style of true community banking," added 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.