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

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.