Center Bancorp (CNBC) Exits TARP with $10M Preferred Buyback
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Center Bancorp, Inc. (Nasdaq: CNBC), parent company to Union Center National Bank, of Union, New Jersey, announced today that on December 7, 2011 it repurchased the warrants issued on January 12, 2009 to the U.S. Treasury as part of its participation in the U.S. Treasury's TARP Capital Purchase Program. CNBC received $10.0 million under the program and repaid the debt in full in September of this year. In the repurchase, CNBC paid the U.S. Treasury $245,000 for the warrants.
As a result of a successful completion of the Company's rights offering in October 2009, the number of shares underlying the warrants held by the U.S. Treasury under the TARP Capital Purchase Program was reduced to 86,705 shares, or 50 percent of the original 173,410 shares. The warrants had an exercise price of $8.65 per share.
As a result of a successful completion of the Company's rights offering in October 2009, the number of shares underlying the warrants held by the U.S. Treasury under the TARP Capital Purchase Program was reduced to 86,705 shares, or 50 percent of the original 173,410 shares. The warrants had an exercise price of $8.65 per share.
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