Summit Bancorp
| Industry | Banking |
|---|---|
| Founded | 1899 |
| Defunct | 2001 |
| Fate | Acquired by FleetBoston Financial |
| Headquarters | Summit, New Jersey |
Key people | T. Joseph Semrod (chairman, CEO & president) William J. Healy (CFO) |
| Revenue | Increase $1.266 billion (2013) |
| Decrease $0.471 billion (2013) | |
| Total assets | Increase $36.379 billion (1999) |
| Total equity | Increase $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
[edit | edit source]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
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