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.

Summit Bancorp
IndustryBanking
FateAcquired by FleetBoston Financial
Founded1899 (1899)
Defunct2001 (2001)
HeadquartersSummit, New Jersey
Key people
T. Joseph Semrod, Chairman, CEO & President
William J. Healy, CFO
Revenue $1.266 billion (2013)
$0.471 billion (2013)
Total assets $36.379 billion (1999)
Total equity $2.802 billion (1999)
Number of employees
8,673
Footnotes / references
[1]
For the bank based in Pakistan, see Summit Bank.

History

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. UJB Financial adopted the Summit Bancorp name.[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.

References
  1. "Summit Bancorp 1999 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "PURCHASE OF BANK HOLDING UNIT IN NEW JERSEY SET". The New York Times. September 24, 1994.
  3. "Summit Bancorp, UJB Financial to Merge in $1.2-Billion Deal". Los Angeles Times. September 12, 1995.
  4. "SUMMIT BANCORP TO BUY B.M.J. FINANCIAL". The New York Times. Bloomberg News. August 30, 1996.
  5. "Summit Bancorp Buying Collective Bancorp". The New York Times. Bloomberg News. March 1, 1997.
  6. "SUMMIT BANCORP TO ACQUIRE NEW CANAAN BANK AND TRUST". The New York Times. Dow Jones & Company. August 26, 1998.
  7. "Prime Bancorp Soars on News Of Purchase by Summit Bancorp". The Wall Street Journal. February 19, 1999.(subscription required)
  8. "250 Jobs to Be Cut By Summit Bancorp". The New York Times. Bloomberg News. November 5, 1999.
  9. "FleetBoston to Buy Summit Bancorp for $7 Billion in Stock". The New York Times. Bloomberg News. October 2, 2000.
  10. "Summit Bancorp trust business sold to Bank of NY". American City Business Journals. March 6, 2001.
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