Center Bancorp, Inc. Establishes Additional First Quarter Provision

UNION, N.J., April 7, 2009 (GLOBE NEWSWIRE) -- Center Bancorp, Inc.
(Nasdaq:CNBC), the parent company for Union Center National Bank ("UCNB"), today
announced that for the first quarter of 2009, it intends to establish a loan
loss provision of $1.4 million, which covers a charge-off of approximately
$900,000 in connection with a $4.9 million commercial real estate construction
project of industrial warehouses, that it has recently downgraded to non-accrual
status, in addition to an increase of $521,000 in the level of the allowance for
loan losses. The loan amount was included as other "potential problem loans" in
Center Bancorp's annual report on Form 10-K for the year ended December 31,
2008.

Anthony Weagley, President and Chief Executive Officer of Center Bancorp, Inc.
stated: "While overall credit quality in the Bank's portfolio remains high,
continued economic weakness has impacted several potential problem loans in the
portfolio. Our aggressive efforts to address credit quality issues in this
stressed economic environment continue. In light of the adverse economic
circumstances, management has deemed it prudent to increase the level of the
allowance for loan losses to 1.00% of total loans from the level of 0.92% at
December 31, 2008. Historically, we have managed to resolve delinquency issues
in a manner that protected the Corporation. With respect to the industrial
warehouse project, we are currently working with the borrowers and the
participating bank that is involved with the project, in an effort to sell or
lease the remaining industrial warehouse units. Proceeds from the current units
under contract, as well as the remaining units, will be used to make further
principal reductions to our loan."

Mr. Weagley added: "At March 31, 2009, the Corporation expects non-performing
assets to amount to $9.1 million (up from $4.7 million at December 31, 2008),
including OREO of $4.4 million (as compared to $3.9 million at December 31,
2008). The increase in the OREO balance in the first quarter was related to the
construction costs incurred in completing the project to date. The
non-performing assets are principally comprised of two matters; the above noted
construction project and the previously disclosed residential condominium
project that was taken into OREO in the fourth quarter of 2008. The Corporation
is near completion of that project and has elected to begin to rent the units.
We expect the total provision and total net charge-offs for the first quarter of
2009 to be $1.4 million and $906,000, respectively.

Earnings for the first quarter will be further impacted by the substantial
increase in FDIC insurance assessments previously announced. FDIC insurance
assessments amounted to $365,000 for the first quarter of 2009, for an increase
of $345,000 or 1,725% over the comparable period in 2008. Center Bancorp
estimates that the impact of the additional loan loss provision and the
increased FDIC insurance assessment will be to reduce first quarter earnings per
share by approximately $0.08 per fully diluted common share to approximately
$0.05 per fully diluted common share, subject to final adjustments for the first
quarter.

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 Banking Division, which includes its wholly owned
subsidiary, Center Financial Group LLC, provides private banking and wealth
management 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
December 31, 2008, on a consolidated basis, Center Bancorp had total assets of
$1.0 billion, total deposit funding sources, which includes overnight repurchase
agreements, of $689.7 million and stockholders' equity of $81.7 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 precise amount of the loan loss provision and charge-offs to be
recorded for the first quarter of 2009, the future outcomes associated with the
industrial condominium project referenced herein, total non-performing asset and
OREO levels to be reflected on the Corporation's books as of March 31, 2009, the
impact of the additional loan loss provision and increased FDIC assessment on
earnings per share for the first quarter of 2009 and the anticipated amount of
the Corporation's net earnings per share for the first quarter of 2009)
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.

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