named its management team for
Fleet New Jersey
, a unit that will be formed once the bank completes the acquisition of
October, Fleet said it planned to acquire Summit, a retail and commercial bank in New Jersey, in a stock deal valued at about $7 billion. Fleet expects to complete the transaction, which requires shareholder approval, in early March.
Joseph Semrod, currently the chairman and chief executive of Summit, will become the chairman of Fleet New Jersey. Semrod will also be named vice chairman and serve as a member of the board of FleetBoston. John Collins, vice chairman of Summit, will serve as president of Fleet New Jersey. Sabry Mackoul, senior executive vice president, will continue as a consultant for Fleet New Jersey for the rest of the year.
John Babcock will head the private clients group for New Jersey and Pennsylvania in the new Fleet organization. Babcock's group will be responsible for lending, trust, investment management sales and relationship management for high net worth individuals.
The appointments will be effective once the acquisition of Summit closes.