Summit Bancorp
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | The Summit Trust Company (reorganized 1909) |
| Founded | 1899 |
| Fate | Acquired by FleetBoston Financial in 2001 |
| Headquarters | Summit, New Jersey , United States |
Area served | New Jersey, Pennsylvania, Connecticut |
| Products | Banking services |
Summit Bancorp was a financial institution based in Summit, New Jersey, with its primary operations focused in New Jersey, Pennsylvania, and Connecticut. In 2001, it was purchased by FleetBoston Financial.
History
The bank's origins trace back to 1899, and it underwent reorganization as The Summit Trust Company in 1909.
Summit Bancorp expanded its presence into Pennsylvania in 1968 by creating a regional subsidiary.
During the 1990s, the company pursued an acquisition strategy to fuel growth: acquiring Bankers Corporation and Crestmont Financial Corporation in 1994; merging with UJB Financial Corporation (United Jersey Bank) in 1995, after which it continued as Summit Bank; purchasing B.M.J. Financial Corporation for $164.5 million in stock in 1996; acquiring Collective Bancorp in 1997; followed by NSS Bancorp and New Canaan Bank and Trust Company in 1998; and completing the acquisition of Prime Bancorp in early 1999.
In November 1999, Summit Bancorp announced plans to reduce its workforce by 250 positions to enhance operational efficiency.
The bank was acquired by FleetBoston Financial in 2001 through a $7 billion stock transaction. As part of this agreement, Summit's trust division was divested to The Bank of New York Mellon. Subsequently, FleetBoston was itself acquired by Bank of America in 2004.