Summit Bancorp

Summit Bancorp

Industry	Banking
Founded	1899; 126 years ago (1899)
Defunct	2001; 24 years ago (2001)
Fate	Acquired by FleetBoston Financial
Headquarters	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)
Total assets	$36.379 billion (1999)
Total equity	$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.

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.