Center Bancorp Mulls Sale ; Plans Staff Cut Amid Battle

Summary

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Center Bancorp, under pressure from activist shareholders, has vowed to cut its staff by 10 percent to reduce costs and has hired investment bank Keefe Bruyette & Woods to review strategic options, including a possible sale of the Union Township-based bank.

Shareholders meet today at the Suburban Golf Club in Union to decide whether to give activist investors Lawrence B. Seidman of Wayne and Raymond Vanaria of Englewood seats on the 14-member board.

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Extract

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Center Bancorp Mulls Sale ; Plans Staff Cut Amid Battle

Seidman and Vanaria are part of the Committee to Preserve Shareholder Value, a group of individuals and investment companies headed by Seidman that controls nearly 10 percent of the bank's shares. The group has been cri...

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