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CENTER BANCORP ANNOUNCES STOCK SPLIT

 UNION, N.J., June 3 /PRNewswire/ -- The board of directors of Center Bancorp, Inc., has approved a two for one stock split to be distributed to the shareholders July 1, 1993, to holders of record June 18, 1993.
 In addition, the board of directors of Center Bancorp, Inc., has declared a quarterly dividend of 40 cents per share, payable July 1, 1993 to stockholders of record June 18, 1993.
 Center Bancorp, Inc., which owns the Union Center National Bank headquartered in Union, reported net income of $1,029,000 for the first quarter ended March 31, 1993 as compared to $823,000 earned for the first quarter of 1992. Earnings per share increased 24.6 percent to $1.47 compared to $1.18 earned in 1992.
 The resulting return on average assets increased to 1.40 percent as compared to 1.30 percent a year earlier, while the return on stockholders' equity increased to 21.1 percent compared to 17.8 percent in 1992.
 John J. Davis, president and chief executive officer, attributes the company's earnings performance to stronger net interest margins and continued control of operating expenses. He attributed the bank's robust growth to Union Center's commitment to the community and personalized service which has become the organization's trademark.
 Total assets at March 31, 1993, increased 2.6 percent to $317,960,000 as compared to $309,664,000 at Dec. 31, 1992. Total deposits for the three months ended March 31, 1993, increased to $297,235,000 from $289,689,000 for the 12 months ended Dec. 31, 1992. Total stockholders' equity rose 3.7 percent to $20,725,000 from $19,975,000 at Dec. 31, 1992.
 The Union Center National Bank celebrating its 70th anniversary operates seven banking offices in Union County, five in the Township of Union, one office in the Township of Springfield and one office in the Township of Berkeley Heights.
 The corporation has acknowledged announcements made by Smith Barney, Harris Upham & Co., Inc. and A.G. Edwards and Sons, Inc. that they have become market makers in Center Bancorp, Inc. stock. These firms join the list of current market makers, Ryan Beck & Co., Inc., F.J. Morrissey & Co., Inc. and Monroe Securities, Inc.
 -0- 6/3/93
 /CONTACT: G.M. Lind of Green Lind & McNulty Inc., 908-686-7500, for the Union Center National Bank/


CO: Center Bancorp, Inc. ST: New Jersey IN: FIN SU: DIV

SH-LR -- NY026 -- 4906 06/03/93 10:50 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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