UNION, N.J., March 6, 2012 (GLOBE NEWSWIRE) -- Center Bancorp, Inc. (Nasdaq:CNBC), parent company to Union Center National Bank, ("UCNB") announced today that its Board appointed Vincent Bagarozza to the positions of Vice President & Chief Loan Officer of the Company effective immediately. Mr. Bagarozza also serves as Senior Vice President & Chief Loan Officer of UCNB and leads the commercial lending team.
Prior to joining UCNB on October 24, 2011, Mr. Bagarozza served as Director of Healthcare Financial Services for The Provident Bank and prior to that, Senior Vice President & Senior Loan Officer with Rumson-Fairhaven Bank. Mr. Bagarozza has 35 years of experience in commercial banking and a strong background in commercial and industrial lending healthcare finance asset based lending.
Mr. Bagarozza earned a BS degree from St. Francis College of New York. He is a member of the Health Care Financial Management Association and has served on various boards of nonprofit organizations, including The Arc of Monmouth and the Center for Non-Profit Corporations.
Anthony C. Weagley, President and Chief Executive Officer said, "We are excited to announce Vince Bagarozza joining the UCNB team. Mr. Bagarozza compliments UCNBs strong credit culture and brings a strong business development presence to the team."
"Vincent's background and depth of lending experience will help us take advantage of the great market opportunities that lie ahead and allow Center to move forward with its growth plans. We look forward to working with Vincent and introducing him to our clients."
About Center Bancorp
Center Bancorp, Inc. is a bank holding company, which 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 now ranks as the third largest national bank headquartered in the state. Union Center National Bank is currently the largest commercial bank headquartered in Union County. Its primary market niche is its commercial banking business. The Bank focuses its lending activities on commercial lending to small and medium-sized businesses, real estate developers and high net worth individuals.
The Bank, through its Private Wealth Management Division, which includes its wholly-owned subsidiary, Center Financial Group LLC, provides financial services including brokerage services, insurance and annuities, mutual funds, financial planning, estate and tax planning, trust, elder care and benefit plan administration.
The Bank 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. The Bank also operates remote ATM locations in the Chatham and Madison New Jersey Transit train stations.
While the Bank's primary market area is comprised of Union and Morris Counties, New Jersey, the Corporation has expanded to northern and central New Jersey. At December 31, 2011, the Corporation had total assets of $1.4 billion, total deposits of $1.1 billion and stockholders' equity of $135.9 million.
For further information regarding Center Bancorp, Inc., please visit our web site at http://www.centerbancorp.com or call (800) 862-3683. For information regarding Union Center National Bank, please visit our web site at http://www.ucnb.com.