September 4, 2009 (FinancialWire) — Center Bancorp, Inc. (NASDAQ: CNBC), parent company of Union Center National Bank, has set a subscription price of $7.00 per share for its previously announced rights offering of up to approximately $11.0 million of its common stock to its shareholders of record as of September 1, 2009.

Under the proposed rights offering, each shareholder of record as of the September 1, 2009 record date, other than participants in The Union Center National Bank 401(k) Profit Sharing Plan, will receive, at no charge, one non-transferable subscription right for each share of Center Bancorp, Inc. common stock owned on the record date. Each right will entitle the holder to purchase 0.1217 shares of Center Bancorp, Inc common stock at the subscription price of $7.00 per share, which represents a 19 percent discount to our current market price.

Rights offering materials, including a prospectus and other items necessary to exercise the rights, will be mailed as soon as practicable to eligible shareholders. The prospectus will contain important information about the rights offering, and shareholders are urged to read the prospectus carefully when available. Questions from shareholders about the rights offering may be directed to the subscription agent for the rights offering, Registrar and Transfer company, at 10 Commerce Drive, Cranford, New Jersey, 07016, telephone  368-5948, Attn.: Reorg/Exchange Department.

The subscription rights will be exercisable until 5: 00 p.m. New York City time on September 30, 2009, unless Center Bancorp, Inc. extends the rights offering. Center Bancorp Inc. reserves the right to cancel or terminate the rights offering at any time prior to the expiration date of the rights offering.

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