Center Bancorp (CNBC) Receives Preliminary Approval for $10 Million Under TARP
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Center Bancorp, Inc. (Nasdaq: CNBC) has received preliminary approval to participate in the U.S. Treasury Department's TARP Capital Purchase Program. On December 5, 2008, the Corporation was advised by the Treasury that the Corporation's application under the program was approved, subject to a final closing in the next 30 days. The Corporation filed an application with the Treasury under such program for the sale to the Treasury of $10 million in CNBC's nonvoting senior preferred stock and warrants to purchase $1.5 million of the Corporation's common stock.
The Corporation intends to use the proceeds from this sale for general corporate purposes, which include additional capital to grow lending operations. The $10 million requested by the Corporation amounted to approximately 50% of what the Corporation had qualified for, which CNBC felt was adequate for its strategic growth.
Center Bancorp, Inc. is a one-bank holding company of The Union Center National Bank (the Bank) its principal subsidiary. [SM]
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