Center Bancorp in New Jersey Completes Tarp Participation

Center Bancorp Inc. in Union, N.J., said Thursday that it repurchased warrants it issued to the Treasury Department as part of the Troubled Asset Relief Program.

The $1.4 billion-asset company on Wednesday paid $245,000 for warrants that it issued in January 2009. After a rights offering in October 2009, the number of shares for the warrants declined 50%, to 86,705. The warrants had an exercise price of $8.65 a share.

In September, Center repaid the $10 million it had received through the program.

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