Fitch Upgr Summit Bancorp Rtgs & Removes From Rtg Watch Pos.Business Editors NEW YORK--(BUSINESS WIRE)--March 1, 2001 Fitch fitch: see polecat. , the international rating agency, upgrades the long term ratings of Summit Bancorp Summit Bancorp was a Princeton, New Jersey based bank, but also had offices in Summit, New Jersey. The company slowly began expanding in the 1990s, acquiring many regional banks in central and southern New Jersey. and its banking units to `A+' from `A' following consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of their acquisition by FleetBoston Financial FleetBoston Financial was a Boston, Massachusetts-based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were given the Bank of America logo. Corp. in a transaction originally announced on Oct. 2, 2000. Ratings of Summit Bancorp and its subsidiaries have been equalized with those of FleetBoston (`A+' senior) and are simultaneously removed from Rating Watch Positive. See list below for complete details on rating actions. Fitch considers the acquisition of Summit a good strategic fit, complementing FleetBoston's existing MidAtlantic branch network, and offering meaningful financial benefits through cost savings and balance sheet restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). . The Summit banking franchise is very traditional, largely based on lending and deposit gathering activities to a broad consumer and commercial clientele. This profile should help offset expected weakness in other areas of FleetBoston's franchise which will likely come under pressure as market sensitive businesses, including investment banking, discount brokerage A discount brokerage is a business that charges clients significantly lower fees than traditional brokerages, typically offering comparatively fewer services and/or advice. , and venture capital face a more challenging environment. Overall, despite some expected near-term near-term adj. Of, for, or involving a short period of time in the near future. weakness, FleetBoston exhibits a strong credit profile based on its dominant regional banking presence and prominent national business lines including credit cards, commercial finance, investment banking, and discount brokerage.
Ratings Upgraded and Removed From Rating Watch Positive:
Summit Bancorp
--Long-term senior to `A+' from `A'.
Summit Bank - (NJ)
Summit Bank - (PA)
--Uninsured deposits long term to `AA-` from `A+';
--Uninsured deposits short term to `F1+' from `F1';
--Long-term senior to `A+' from `A';
--Short-term to `F1+' from `F1'.
Ratings Affirmed and Removed From Rating Watch Positive:
Summit Bancorp
--Short term `F1';
--Individual rating `B'; --Support `5'.
Summit Bank - (NJ)
Summit Bank - (PA)
--Individual rating `B'; --Support `5'.
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