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.


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