Center Bancorp, Inc. Announces Issuance of $10,000,000 of Senior Preferred Stock...

Center Bancorp, Inc. Announces Issuance of $10,000,000 of Senior Preferred Stock
to the U.S. Department of Treasury

UNION, N.J., Jan. 12, 2009 (GLOBE NEWSWIRE) -- Center Bancorp, Inc.
(Nasdaq:CNBC), the parent company for Union Center National Bank, ("UCNB"),
announced today that it issued $10 million in CNBC's nonvoting senior preferred
stock to the U.S. Department of Treasury under the Capital Purchase Program. As
part of the transaction, the Corporation also issued warrants to the Treasury to
purchase 173,410 shares of common stock of the Corporation at an exercise price
of $8.65 per share.

"As we have previously announced, we believe that our voluntary participation in
the Capital Purchase Program makes good sense for CNBC, providing us with an
attractive low-cost alternative to other capital sources in today's market,"
remarked Anthony C. Weagley, President & CEO.

Mr. Weagley further added, "Although CNBC is a well-capitalized organization, we
believe this program provides an excellent opportunity for healthy banks to
participate in and support the recovery of the U.S. economy. As we previously
indicated, the Corporation chose to voluntarily enter the program in order to
meet the spirit of the Treasury's efforts to provide additional long-term funds
to facilitate lending by banks."

At September 30, 2008, the Corporation's capital ratios were all above the
levels required to be categorized as "well capitalized." The Corporation's total
risk-based capital, Tier I capital, and leverage capital ratios were 11.03
percent, 10.22 percent, and 7.73 percent, respectively, at September 30, 2008.

Mr. Weagley said, "The capital raised, which amounted to approximately 50
percent of what CNBC had qualified for under the Treasury program, will
significantly strengthen our financial position during these challenging
economic times. We will invest these funds to support future loan growth in the
markets we serve."

Mr. Weagley added: "We are optimistic that the Corporation will continue to
build its loan volume throughout 2009. Our pipelines have remained strong during
the fourth quarter and increased activity in the lending sector is expected to
support continued growth in the loan portfolio and improvement in our
earning-asset mix."

About Center Bancorp

Center Bancorp, Inc. is a financial services holding company and operates Union
Center National Bank, its main subsidiary. Chartered in 1923, Union Center
National Bank is one of the oldest national banks headquartered in the state of
New Jersey and currently the largest commercial bank headquartered in Union
County. Its primary market niche is its commercial banking business. UCNB
focuses its lending activities on commercial lending to small and medium sized
businesses, real estate developers and high net worth individuals.

UCNB, through its Private Wealth Management Division, which includes its wholly
owned subsidiary, Center Financial Group LLC, and through a strategic
partnership with American Economic Planning Group, provides financial services,
including brokerage services, insurance and annuities, mutual funds, financial
planning, estate and tax planning, trust services, elder care and benefit plan
administration. Center Bancorp additionally offers title insurance services in
connection with the closing of real estate transactions, through two
subsidiaries, Union Title Company and Center Title Company.

UCNB currently operates 13 banking locations in Union and Morris counties in New
Jersey. Banking centers are located in Union Township (6 locations), Berkeley
Heights, Boonton/Mountain Lakes, Madison, Millburn/Vauxhall, Morristown,
Springfield, and Summit, New Jersey. UCNB also operates remote ATM locations in
the Chatham and Madison New Jersey Transit train stations and the Boys and Girls
Club of Union.

While UCNB's primary market area is comprised of Morris and Union Counties, New
Jersey, the Corporation has expanded into northern and central New Jersey. At
September 30, 2008, Center Bancorp had total assets of $1.0 billion, total
deposit funding sources, which includes overnight repurchase agreements, of
$721.7 million and stockholders' equity of $80.6 million. 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

Forward-Looking Statements

All non-historical statements in this press release (including statements
regarding the investment of the net proceeds of the Capital Purchase Program
transaction, future growth in the Corporation's loan portfolio and improvement
in the Corporation's earning-asset mix) constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may use such forward-looking terminology such
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 international, national, regional and local economic conditions and
legal and regulatory barriers and structure, including those relating to the
current global financial crisis and the deregulation of the financial services
industry, and other risks cited in reports filed by the Corporation with the
Securities and Exchange Commission. 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.

-0-
CONTACT: Center Bancorp, Inc.
Anthony C. Weagley, President & Chief Executive Officer
(908) 206-2886
Investor Relations
Joseph Gangemi
(908) 206-2886