Update: Summit Rises Nearly 11% on Report of Merger Talks with FleetBoston

Banking/Financial Services

Return to Article

TheStreet.com-NYTimes.com Staff

09/27/00 - 04:16 PM EDT

Updated from 3:47 p.m.

Shares in Summit Bancorp (SUB Quote) rose nearly 11% in response to a Wednesday Wall Street Journal article that said the company was in talks to be acquired by FleetBoston Financial (FBF Quote).

The Wall Street Journal, citing people familiar with the matter, did not report terms of any deal, and said talks could still collapse.

Summit Bancorp shares finished Wednesday trading up $3.50, or nearly 11%, at $34.31. FleetBoston Financial ended up 25 cents at $38.94.

Summit Bancorp has a $5.4 billion market capitalization.

Visit TheStreet for more great features

TheStreet Premium Services

From the action-oriented investing ideas of Action Alerts PLUS by Jim Cramer to the expert technical trading strategies of Helene Meisler's Top Stocks, TheStreet.com offers a range of premium services to help boost your portfolio's performance. View now.

Expert Advisors Alerts Delivered to your Inbox

Action Alerts PLUS: Cramer's personal portfolio, emails before he acts.

RealMoney: 70+ experts share their top investing ideas and analysis.

Stocks Under $10: Alerts identify undervalued stocks with profit potential.

FREE NEWSLETTERS

Get an edge on the market with the help of free email newsletters like Jim Cramer's Daily Booyah!. Learn about the day's major market events, companies that sizzled or fizzled and lots more that can help you make more profitable investing decisions. Sign up.