Summit Bancorp

---

title: "Summit Bancorp" type: doc version: 1 created: 2026-02-28 author: "Wikipedia contributors" status: active scope: public tags: ["1891-establishments-in-new-jersey", "2001-disestablishments-in-new-jersey", "bank-of-america-legacy-banks", "banks-disestablished-in-2001", "banks-established-in-1891", "defunct-banks-of-the-united-states", "defunct-companies-based-in-new-jersey"] description: "American bank" topic_path: "geography/united-states" source: "https://en.wikipedia.org/wiki/Summit_Bancorp" license: "CC BY-SA 4.0" wikipedia_page_id: 0 wikipedia_revision_id: 0

::summary American bank ::

::data[format=table title="Infobox company"]

Field	Value
name	Summit Bancorp
industry	Banking
fate	Acquired by FleetBoston Financial
foundation
defunct
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
::

| name = Summit Bancorp | industry = Banking | fate = Acquired by FleetBoston Financial | foundation = | defunct = | 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 = 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

The bank was organized in 1899. 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.

In 1994, the company acquired the Bankers Corporation and the Crestmont Financial Corporation.

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.

In 1996, the company acquired B.M.J. Financial Corporation for $164.5 million in stock.

In 1997, the company acquired Collective Bancorp.

In 1998, the company acquired NSS Bancorp and New Canaan Bank and Trust Company.

In February 1999, the company acquired Prime Bancorp.

In November 1999, the company announced layoffs of 250 people.

In 2001, the company was acquired by FleetBoston Financial for $7 billion in stock. As part of the transaction, the company's trust business was sold to The Bank of New York Mellon. In 2004, Fleet was acquired by Bank of America.

References

References

1. "Summit Bancorp 1999 Form 10-K Annual Report". [[U.S. Securities and Exchange Commission]].
2. (September 24, 1994). "PURCHASE OF BANK HOLDING UNIT IN NEW JERSEY SET". [[The New York Times]].
3. (September 12, 1995). "Summit Bancorp, UJB Financial to Merge in $1.2-Billion Deal". [[Los Angeles Times]].
4. (August 30, 1996). "SUMMIT BANCORP TO BUY B.M.J. FINANCIAL". [[The New York Times]].
5. (March 1, 1997). "Summit Bancorp Buying Collective Bancorp". [[The New York Times]].
6. (August 26, 1998). "SUMMIT BANCORP TO ACQUIRE NEW CANAAN BANK AND TRUST". [[The New York Times]].
7. (February 19, 1999). "Prime Bancorp Soars on News Of Purchase by Summit Bancorp". [[The Wall Street Journal]].
8. (November 5, 1999). "250 Jobs to Be Cut By Summit Bancorp". [[The New York Times]].
9. (October 2, 2000). "FleetBoston to Buy Summit Bancorp for $7 Billion in Stock". [[The New York Times]].
10. (March 6, 2001). "Summit Bancorp trust business sold to Bank of NY". [[American City Business Journals]].

::callout[type=info title="Wikipedia Source"] This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page. ::