Summit Bancorp
| Industry | Banking |
|---|---|
| Founded | 1899 |
| Defunct | 2001 |
| Fate | Acquired byFleetBoston Financial |
| Headquarters | Summit, 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] | |
Summit Bancorpwas a bank based inSummit, New Jersey,that operated inNew Jersey,Pennsylvania,andConnecticut.In 2001, it was acquired byFleetBoston Financial.
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 byFleetBoston Financialfor $7 billion in stock.[9]As part of the transaction, the company's trust business was sold toThe Bank of New York Mellon.[10]In 2004, Fleet was acquired byBank of America.
References
[edit]
- ^abc"Summit Bancorp 1999 Form 10-K Annual Report".U.S. Securities and Exchange Commission.
- ^"PURCHASE OF BANK HOLDING UNIT IN NEW JERSEY SET".The New York Times.September 24, 1994.
- ^"Summit Bancorp, UJB Financial to Merge in $1.2-Billion Deal".Los Angeles Times.September 12, 1995.
- ^"SUMMIT BANCORP TO BUY B.M.J. FINANCIAL".The New York Times.Bloomberg News.August 30, 1996.
- ^"Summit Bancorp Buying Collective Bancorp".The New York Times.Bloomberg News.March 1, 1997.
- ^"SUMMIT BANCORP TO ACQUIRE NEW CANAAN BANK AND TRUST".The New York Times.Dow Jones & Company.August 26, 1998.
- ^"Prime Bancorp Soars on News Of Purchase by Summit Bancorp".The Wall Street Journal.February 19, 1999.(subscription required)
- ^"250 Jobs to Be Cut By Summit Bancorp".The New York Times.Bloomberg News.November 5, 1999.
- ^"FleetBoston to Buy Summit Bancorp for $7 Billion in Stock".The New York Times.Bloomberg News.October 2, 2000.
- ^"Summit Bancorp trust business sold to Bank of NY".American City Business Journals.March 6, 2001.
