| Summit Bancorp | |
| Industry: | Banking |
| Fate: | Acquired by FleetBoston Financial |
| Location: | Summit, New Jersey |
| Key People: | T. Joseph Semrod, Chairman, CEO & President William J. Healy, CFO |
| Revenue: | $1.266 billion (2013) |
| Net Income: | $0.471 billion (2013) |
| Assets: | $36.379 billion (1999) |
| Equity: | $2.802 billion (1999) |
| Num Employees: | 8,673 |
| Footnotes: | [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.
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.