Continuing the wave of bank consolidation in the wake
of Chase's recent acquisition announcement regarding J.P. Morgan,
FleetBoston Financial has purchased New Jersey's Summit Bancorp
for $7 billion in a bid to bolster its market share in the state.
Analysts are predicting a slew of mergers between major national
banks and lesser-known regional institutions as banks attempt to
gain ever-increasing market share by offering one-stop shopping
in their branches.