Summit Bancorp
Summit Bancorp was a bank based in Summit, New Jersey, that operated in New Jersey, Pennsylvania, and Connecticut. In 2001, it was acquired by FleetBoston Financial.
For the bank based in Pakistan, see Summit Bank.Industry
1899
2001
Acquired by FleetBoston Financial
$1.266 billion (2013)
$0.471 billion (2013)
$36.379 billion (1999)
$2.802 billion (1999)
8,673
History[edit]
The bank was organized in 1899.[1]
In 1968, the bank organized a Pennsylvania entity.[1]
In 1994, the company acquired the Bankers Corporation and the Crestmont Financial Corporation.[2]
In 1995, the company was acquired by UJB Financial Corporation, who had been doing business as United Jersey Bank. The combined bank continued to do business as Summit Bank after the merger.[3]
In 1996, the company acquired B.M.J. Financial Corporation for $164.5 million in stock.[4]
In 1997, the company acquired Collective Bancorp.[5]
In 1998, the company acquired NSS Bancorp and New Canaan Bank and Trust Company.[6]
In February 1999, the company acquired Prime Bancorp.[7]
In November 1999, the company announced layoffs of 250 people.[8]
In 2001, the company was acquired by FleetBoston Financial for $7 billion in stock.[9] As part of the transaction, the company's trust business was sold to The Bank of New York Mellon.[10] In 2004, Fleet was acquired by Bank of America.