Summit Bancorp

Last updated
Summit Bancorp
Industry Banking
Founded1899;126 years ago (1899)
Defunct2001;24 years ago (2001)
FateAcquired by FleetBoston Financial
Headquarters Summit, New Jersey
Key people
T. Joseph Semrod (chairman, CEO & president)
William J. Healy (CFO)
RevenueIncrease2.svg $1.266 billion (2013)
Decrease2.svg $0.471 billion (2013)
Total assets Increase2.svg $36.379 billion (1999)
Total equity Increase2.svg $2.802 billion (1999)
Number of employees
8,673
Footnotes /references
[1]

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.

History

The bank was organized in 1899. [1] In 1909, the bank was reorganized as The Summit Trust Company (see https://www.encyclopedia.com/books/politics-and-business-magazines/summit-bancorporation)

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.

References

  1. 1 2 3 "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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