September 30, 2009 (FinancialWire) — Center Bancorp, Inc. (NASDAQ: CNBC), parent company of Union Center National Bank, announced that the Corp. has signed a strategic outsourcing agreement with Fiserv (NASDAQ: FISV) to provide core account processing services which is consistent with the company’s other strategic initiatives to streamline operations, reduce operating overhead and allow the company to focus on core competencies of customer service and product development.

This coupled with previously initiated cost reduction plans are expected to improve operating efficiencies, business and technical operations.

The core processing transition will take place in the fourth quarter of 2009 and upon completion IT infrastructure services, application support and maintenance, transactional services and support services will access the Fiserv data center in Glastonbury, Connecticut. Fiserv will provide financial technology solutions as the company’s complete outsourced core account processing provider.

Expense reductions generated by the plan are expected to be realized in 2010. The company expects to achieve a slight reduction in the workforce through reassignment within the Corp., eliminating the need to hire new staff to fill current open positions.

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