Center Bancorp, Inc., Announces Stock Buyback Program.Business Editors UNION, N.J.--(BUSINESS WIRE)--Jan. 24, 2002 Center Bancorp, (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. ), parent company to Union Center National Bank, Union, New Jersey, announced that the Board of Directors has authorized a stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program for the purchase of up to 115,000 shares of the Company's outstanding common stock over the next year. Repurchases may be made from time to time as, in the opinion of management, market conditions warrant, in the open market or in privately negotiated transactions. John J. Davis See also John J. Davis (congressman) for the West Virginia politician. John J. Davis was a U.S. Army officer. From September 1, 1965 to October 19, 1966, Davis, then a Major General, served as the Assistant chief of Staff for Intelligence, Headquarters, Department , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said that the repurchased shares will be added to the corporate treasury and will be used for future stock dividends and general corporate purposes. As of December 31, 2001, Center Bancorp had 3.9 million shares of common stock outstanding. Center Bancorp Inc., through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Union Center National Bank, Union, New Jersey, operates twelve-banking locations. Banking centers are located in Union Township (6 offices), and one each in Berkeley Heights, Madison, Millburn/Vauxhall, Morristown, a new Morristown Town Hall Banking Office currently under construction, Springfield, and Summit, New Jersey. The Bank also operates a remote ATM location in Union Hospital in Union. Union Center National Bank is the largest commercial bank headquartered in Union County, chartered in 1923, and is a full service banking company. For further information regarding Center Bancorp Inc., call 800/862-3683 or visit our website at http://www.centerbancorp.com. |
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