FleetBoston Sets $7 Billion Deal for Acquiring Summit Wall Street Journal (10/02/00) Vol. 3, No. 5 p.A4; Hechinger, John
FleetBoston Financial has agreed to buy Summit Bancorp.
FleetBoston's $7 billion acquisition of Summit gives the bank
both an affluent New Jersey customer base and a No. 4 deposit
ranking. In addition to pushing FleetBoston into the New York
area, the bank's overlapping New Jersey operations will allow for
$275 million in annual cost cuts. Fleet's acquisition adds to
its retail-banking franchise.