The Board of Directors of Community Partners Bancorp (NasdaqCM:CPBC) authorized a share repurchase program on January 24, 2013. Under the program, the company will repurchase up to 399,200 shares, representing 5% of its outstanding shares for a maximum of $2.2 million. The repurchases will be made from time to time by the company in the open market as conditions allow, or in privately negotiated transactions.

All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the company might otherwise be prevented from doing so under insider trading laws or because of self-imposed blackout periods. All repurchased shares will be held as treasury shares and may be reissued under the company's 2007 Equity Incentive Plan or for other corporate purposes. The current market value of the company's stock is not reflective of the company's value and the program provides an excellent tool for optimizing the use of the capital with the goal of providing value to the shareholders.

The volume, nature, price and timing of the repurchases will be at the sole discretion of the management, dependent on the market conditions, applicable securities laws, capital and liquidity needs or other factors, and may be suspended or discontinued at any time. The Board may also suspend, terminate, modify, cancel or extend the program at any time and for any reasons. The program will commence after the blackout period ends following the release of the company's results of operations for the period ended December 31, 2012 and will continue until the earlier of the completion of the repurchase or January 24, 2014.

As of December 31, 2012, the company has 7,983,778 shares outstanding.