Center Bancorp, Inc., Reconfirms Stock Buyback Program.Business Editors UNION, N.J.--(BUSINESS WIRE)--Jan. 23, 2003 Center Bancorp Inc. (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 of Union, New Jersey, today announced that the Board of Directors had reconfirmed its 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, previously announced on January 24, 2002 for the re-purchase of up to 120,750 shares of the Company's outstanding common stock. The Corporation had repurchased 26,000 shares in 2002, with 94,750 shares remaining in the program subject to repurchase under the program. 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, 2002, Center Bancorp had 4.29 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 thirteen-banking locations. Banking centers are located in Union Township There are many townships named Union Township in the United States: Michigan
For further information regarding Center Bancorp Inc., call 1-(800)-862-3683. For information regarding Union Center National Bank visit our web site at http://www.centerbancorp.com All non-historical statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements include expressions about management's views regarding future performance. Such forward-looking statements involve certain risks and uncertainties. These statements may use such forward-looking terminology as "expect", "look", "believe", "plan", "anticipate", "may", "will", or similar statements or variations of such terms or otherwise express views concerning trends and the future. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of interest rates, continued levels of loan quality and origination volume, continued relationships with major customers including sources for loans, as well as the effects of economic conditions and legal and regulatory barriers and structure, including those relating to the deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. of the financial services industry and other risks and uncertainties disclosed in periodic public reports filed by the Corporation with the SEC. Actual results may differ materially from such forward-looking statements. Center Bancorp, Inc. assumes no obligation for updating any such forward-looking statement at any time. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion