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UNION, N.J. - Center Bancorp Inc., the parent company of Union Center National Bank, said it signed two contracts to outsource some of its operations in an attempt to reduce costs.
The new contracts will likely lead to reduced expenses during the second half of 2008, depending on the timing of implementation of the services. Center Bancorp will cut or reassign an unspecified amount of jobs as part of the outsourcing contracts.
Terms of the deals were not disclosed.
Under one deal, Center Bancorp will outsource its information technology infrastructure and business process services to Compushare Inc.
Center Bancorp also signed a deal with PHH Mortgage, a unit of PHH Corp., to handle the community bank's mortgage origination and servicing operations.
Shares of Center Bancorp were unchanged in Thursday morning trading.
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