Center Bancorp (CNBC) Closes Offering of 1.14M Shares

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October 7, 2009 1:47 PM EDT

Center Bancorp, Inc. (Nasdaq: CNBC) today announced that the Corporation 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.