Key Developments For Center Bancorp Inc
Center Bancorp Inc (CNBC.O) (Nasdaq)
Center Bancorp, Inc. Declares Quarterly Dividend of $.03 Per Share
Center Bancorp, Inc. announced that at its board meeting dated November 19, 2009 the Board of Directors declared a quarterly cash dividend of $.03 per share. This dividend declared is for the quarter ending December 31, 2009. The dividend will be distributed on February 1, 2010, to shareholders of record on January 14, 2010.
Center Bancorp, Inc. Completes Rights Offering
Center Bancorp, Inc. announced that it has completed its rights offering. Stockholders exercised subscription rights to purchase 1,137,896 shares of the 1,571,428 shares offered at a subscription price of $7.00 per share, raising gross proceeds of approximately $8.0 million. The 433,532 shares not subscribed for pursuant to the exercise of the basic subscription privileges and over subscription privileges were purchased by the standby purchaser for a purchase price of approximately $3.0 million. The proceeds from the rights offering and standby purchase will be used to repay the U.S. Treasury in connection with the TARP Capital Purchase Program.
Center Bancorp, Inc. Announces Terms of Rights Offering
Center Bancorp, Inc. announced that it 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. 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% discount to current market price. 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.
Center Bancorp, Inc. Declares Quarterly Dividend
Center Bancorp, Inc. announced that the Board of Directors declared a quarterly cash dividend of $.03 per share. This dividend declared is for the quarter ending September 30, 2009. The dividend will be distributed on November 2, 2009, to shareholders of record on October 16, 2009.
Center Bancorp, Inc. Announces Record Date for Proposed Rights Offering
Center Bancorp, Inc. announced that it intends to pursue a rights offering for up to $11 million of its Common Stock. A record date of September 1, 2009 has been set for the proposed rights offering. Upon commencement of the proposed rights offering, Center Bancorp will distribute non-transferable subscription rights to purchase shares of its Common Stock to each holder of its Common Stock as of the close of business on the record date. The amount of subscription rights to be distributed in the rights offering will be determined based on the total number of outstanding shares of Center Bancorp's Common Stock on the record date. The subscription price, which is anticipated to be at a discount to the market price, will be determined on a date closer to the record date.
