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Center Bancorp Completes Rights Offering

Posted on: Thu, 08 Oct 2009 16:43:00 EDT

Symbols: CNBC

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Oct 08, 2009 (FinancialWire via COMTEX) --
CNBC | Quote | Chart | News | PowerRating -- (Comment on this article at http://www.financialwire.net/2009/10/08/center-bancorp-completes-rights-offering/)

October 8, 2009 (FinancialWire) -- Center Bancorp, Inc. (NASDAQ: CNBC), parent company of Union Center National Bank, announced that the Corp. has completed its rights offering.

Stockholders exercised subscription rights to purchase 1,137,896 shares of the 1,571,428 shares offered at a subscription price of $7.00 per share, raising gross proceeds of approximately $8.0 million. The 433,532 shares not subscribed for pursuant to the exercise of the basic subscription privileges and over-subscription privileges were purchased by the standby purchaser for a purchase price of approximately $3.0 million.

The proceeds from the rights offering and standby purchase will be used to repay the U.S. Treasury in connection with the TARP Capital Purchase Program.

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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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For full details on Center Bancorp Inc (CNBC) CNBC. Center Bancorp Inc (CNBC) has Short Term PowerRatings at TradingMarkets. Details on Center Bancorp Inc (CNBC) Short Term PowerRatings is available at This Link.

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