(By Balaseshan) Center Bancorp Inc. (NASDAQ:CNBC) said its subsidiary Union Center National Bank completed its purchase and assumption acquisition of Saddle River Valley Bank.
Union Center assumed about $85.6 million in deposits and $87.2 million in loans and securities from Saddle River, strengthening its presence in Bergen County, New Jersey.
Also set to open in the third quarter 2012 is the company's new banking center located at 12 East Palisades Avenue, Englewood, New Jersey.
To lead the Englewood Banking Center, Union Center has recently recruited Susan Fetner as Vice President & head of the Englewood office. Sue will join William Boylan, Senior Vice President & Loan Officer, who will be heading commercial lending efforts in Englewood.
This compliment's Nick Anthony, Senior Vice President & Loan Officer, who will be heading up commercial lending in the Saddle River area.
"In our view, Saddle River represented a great opportunity to establish a visible presence in Bergen County. This was an opportunity for Center to expand its franchise and provide its full complement of services along with its high level of customer service to this market and to take advantage of the growing marketplace in Bergen County and to further our commitment to that area," said Anthony Weagley, Chief Executive of Center Bancorp.
CNBC is trading up 1.09% at $11.17 on Wednesday. The stock has been trading between $8.40 and $11.55 for the past 52 weeks.