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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