Center Bancorp, Inc. Responds to Saddle River Valley Bank Fines
Wednesday, September 25, 2013 • 3:41pm
UNION, NJ - Center Bancorp, Inc. (Nasdaq: CNBC), parent company of Union Center National Bank (UCNB), today announced in response to the news release yesterday made by the United States
Attorney's Office District of New Jersey, related to fines against
Saddle River Valley Bank, President and CEO Anthony C. Weagley
indicated that Center Bancorp and its wholly owned subsidiary Union
Center National Bank, did not purchase Saddle River Valley Bank in its
transaction in 2012.
Its acquisition was a purchase of certain assets and deposits, as stated in the purchase and assumption agreement filed with the Securities and Exchange Commission at the time of the acquisition. Therefore the announcement of fines from the various agencies and settlement with the U.S. Government has nothing to with Center or the Bank and the payment of any fines is solely between Saddle River Valley Bank and the U.S. Government. The activity conducted at Saddle River leading to the fines had occurred prior to Center's acquisition and were not a part of the transaction with Center Bancorp.