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Summit Bancorp Gets Out of the Trust Business

HACKENSACK, NJ-The banker, which is in the late stages of being acquired by Fleet Bank, follows the latter's lead by divesting its corporate trust arm. Bank of New York is the buyer.

By Eric Peterson | Updated on March 08, 2001

HACKENSACK, NJ-Summit Bancorp, based in Princeton, NJ, is about to become part of Boston-based Fleet Bank. At the 11th hour prior to the acquisition’s closing, Summit mimicked a move made by Fleet some time ago by selling of its corporate trust business. Bank of New York bought the operation; the price and terms were not disclosed for the all-cash transaction.

Summit’s trust business, based here, was one of the largest in New Jersey, with 800 trustee and agency relationships totaling more than $15.7 billion worth of bonds and securities in New Jersey and three neighboring states. Summit’s leading clients included the New Jersey Economic Development Authority, the New Jersey Turnpike Authority and a long list of regional and local government agencies.

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