SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 14, 1996
CENTER BANCORP, INC.
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(Exact name of registrant as specified in its charter)
New Jersey 2-81353 52-1273725
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
2455 Morris Avenue, Union, New Jersey 07083
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (908) 688-9500
N/A
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(Former name or former address, if changed since last report)
Item 5. Other Events.
On February 14, 1996, Center Bancorp, Inc. (the "Company")
entered into an Agreement and Plan of Merger (the "Agreement") with Lehigh
Savings Bank, S.L.A. ("Lehigh") pursuant to which a subsidiary of the
Company will be merged with and into Lehigh, with Lehigh being the
surviving entity thereof (the "Merger"). Immediately following the Merger,
the Company will merge Lehigh with and into the Company's banking
subsidiary, Union Center National Bank.
The description of the Merger and the Agreement contained
herein are summaries only, are not intended to be complete, and are
qualified in their entirety by reference to the Company's Press Release,
dated February 14, 1996, a copy of which is attached as an Exhibit to this
Current Report on Form 8-K and is incorporated by reference herein in its
entirety.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit 99.1 Press Release, dated February 15, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CENTER BANCORP, INC.
By: /s/ Anthony C. Weagley
Anthony C. Weagley
Treasurer
Dated: February 19, 1996
EXHIBIT INDEX
Exhibit Page No.
99.1 Press Release, dated February 14, 1996. 3
CENTER BANCORP TO ACQUIRE LEHIGH SAVINGS BANK
UNION, NJ - February 14, 1996 -- Center Bancorp, Inc. today announced that
it had signed a definitive Agreement and Plan of Merger to acquire Lehigh
Savings Bank, SLA in an all cash purchase valued at approximately $6,000,000.
The Agreement provides for Lehigh Savings Bank on consummation of the
acquisition, which is expected in the second quarter of 1996, to be merged
into Union Center National Bank, Center Bancorp's wholly owned banking
subsidiary.
John J. Davis, President and CEO of Center Bancorp, stated that he and his
Board of Directors "are pleased to welcome the customers of Lehigh Savings
Bank to Union Center National Bank" and felt confident that the combination
"offers a strategic fit that enhances the leadership position Union Center
already has in the markets we service."
Cost savings, from the acquisition, are anticipated to be realizable
immediately through elimination of redundant costs and consolidation of
operations of Lehigh Savings Bank into Union Center National Bank.
Joseph LaMountain, President of Lehigh Savings Bank, said that "the merger
with Union Center National Bank should offer new products for our customers
and the Banks together will provide a new industry standard for customer
service."
Center Bancorp recently reported net income of $4,040,000 or $2.73 per share
for 1995 and as of December 31, 1995 had total assets of $347.8 million;
deposits of $296.7 million and stockholders equity of $27.7 million. Center
Bancorp, through its subsidiary Union Center National Bank, operates eight
banking offices in Union County with another Branch set to open in Madison
in the Spring of 1996.
Lehigh Savings Bank had net income of $96,000 for the six month ended
December 31, 1995 and as of December 31, 1995 had total assets of $74.0
million; deposits of $67.6 million; and shareholders equity of $3.9
million. Lehigh Savings Bank operates three banking offices in Union.
