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Summit Bancorp

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BUSINESS
September 12, 1995 | From Times Wire Services
UJB Financial Corp. and Summit Bancorp said Monday that they agreed to merge in a $1.2-billion stock transaction that will create the second-biggest bank in New Jersey. The combination is the latest in a string of mergers and acquisitions in the banking industry, including two previous big transactions involving major New Jersey banks. Under the agreement, approved Sunday by the boards of both companies, Summit shareholders will receive 0.
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BUSINESS
October 2, 2000 | Reuters
FleetBoston Financial Corp., the eighth-largest U.S. bank, said late Sunday that it agreed to buy Summit Bancorp for $7 billion in stock, strengthening Fleet's presence in the lucrative New Jersey market and extending its banking franchise into the Philadelphia region. Under the deal, which had been rumored in the last week, Summit shareholders will receive 1.02 shares of Fleet for each share of Summit. The deal values Summit at $39.78 per share, a 15.7% premium over Summit's stock price of $34.
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BUSINESS
October 2, 2000 | Reuters
FleetBoston Financial Corp., the eighth-largest U.S. bank, said late Sunday that it agreed to buy Summit Bancorp for $7 billion in stock, strengthening Fleet's presence in the lucrative New Jersey market and extending its banking franchise into the Philadelphia region. Under the deal, which had been rumored in the last week, Summit shareholders will receive 1.02 shares of Fleet for each share of Summit. The deal values Summit at $39.78 per share, a 15.7% premium over Summit's stock price of $34.
BUSINESS
September 12, 1995 | From Times Wire Services
UJB Financial Corp. and Summit Bancorp said Monday that they agreed to merge in a $1.2-billion stock transaction that will create the second-biggest bank in New Jersey. The combination is the latest in a string of mergers and acquisitions in the banking industry, including two previous big transactions involving major New Jersey banks. Under the agreement, approved Sunday by the boards of both companies, Summit shareholders will receive 0.
BUSINESS
February 28, 2001 | Dow Jones
Newport Corp., an Irvine supplier of high-precision fiber-optic instruments, will be added to the Standard & Poor's MidCap 400 Index after the close of trading today. Newport will replace Cintas Corp., the maker of corporate-identity uniforms that is moving to the S&P 500 Index, replacing Summit Bancorp. FleetBoston Financial Corp. is acquiring Summit in a transaction expected to close today.
BUSINESS
April 16, 1999
A sampling of companies reporting quarterly earnings Thursday, ranked by year-over-year earnings-per-share (EPS) growth, compiled by First Call/Thomson Financial: *--* Analysts' Pct. above/ Year- Ticker estimated Actual below ago Company symbol EPS EPS estimate qtr. Boeing BA $0.43 $0.50 +16% $0.05 Owens Corning OWC 0.74 0.77 +4 0.12 Unisys UIS 0.24 0.32 +33 0.14 Charles Schwab SCH 0.33 0.34 +3 0.16 Hasbro HAS 0.05 0.07 +40 0.04 Bausch & Lomb BOL 0.35 0.39 +11 0.25 General Motors GM 2.89 3.
BUSINESS
October 20, 1998 | From Times Wire Services
J.P. Morgan & Co. said its third-quarter earnings plunged a greater-than-expected 69% to $122 million, or 58 cents a share, as slumping worldwide markets hurt trading revenue. Analysts were expecting 81 cents a share. But Morgan stock, already battered in anticipation of bad results, rose $3.38 to close at $92.88 on the New York Stock Exchange on optimism that the worst is over at the U.S.' fourth-largest bank.
BUSINESS
March 1, 1997 | From Times Wire Services
Stocks ended lower for a third straight day Friday as the market remained under a cloud following Federal Reserve Board Chairman Alan Greenspan's comments about high stock prices and hints about an interest rate hike. The Dow Jones industrial average closed down 47.33 points at 6,877.74. For the week, the index lost 53.88 points.
BUSINESS
June 9, 1998 | WALTER HAMILTON, TIMES STAFF WRITER
For bank-stock investors, two things remain abundantly clear after the announcement of Wells Fargo's plan to merge with Norwest. First, there are still plenty of bank deals yet to be done, despite the huge wave of consolidation that's already washed over the industry. And second, any bank investor expecting a huge payday from a merger is likely to be sorely disappointed.
BUSINESS
September 9, 1998 | WALTER HAMILTON
When a group of stocks has been massacred for almost two months, does a one-day rally spell the end of the bad times? That was the question flying around bank stocks Tuesday as the sector surged 7% following Alan Greenspan's hint late last week that the Federal Reserve Board might cut interest rates. Banks enjoyed one of their few genuine rallies since dropping into a tailspin seven weeks ago. The only major group with a bigger percentage gain Tuesday was technology at 8.6%.
BUSINESS
January 18, 2001 | From Times Wire Services
General Electric Co. said Wednesday its fourth-quarter earnings rose 16%, in line with expectations, led by strength in its power systems, plastics and GE Capital Services units. Chief Executive Jack Welch also said the company expects "significant layoffs" once it completes its acquisition of Honeywell International Inc. GE, the world's biggest company in terms of stock market capitalization, said growth overseas and online businesses also helped earnings rise to $3.
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