Garden State Bancshares and the Summit Bancorporation complete merger.

CHATHAM, N.J.--(BUSINESS WIRE)--Jan. 16, 1996--The merger of Garden State Bancshares, Inc. (NASDAQ:GRDN) with and into The Summit Bancorporation (NASDAQ:SUBN) was consummated today.

In addition, Garden State Bancshares, Inc.'s principal operating unit, Garden State Bank, was merged into Summit Bank, the wholly owned subsidiary of The Summit Bancorporation (SUMMIT). The combined organization has assets of approximately $6 billion. The merger expands Summit Bank's presence in Monmouth and Ocean counties.

At a special meeting of Shareholders of SUMMIT held on January 12, 1996, SUMMIT shareholders approved the proposed merger of SUMMIT with UJB Financial Corp. The shareholders of UJB Financial Corp. have also approved the proposed merger. Subject to receipt of regulatory approvals, that transaction is expected to close later in the first quarter of this year.

Summit Bank, the commercial bank subsidiary of The Summit Bancorporation, was chartered in 1891 and is headquartered in Summit, New Jersey. Summit Bank operates more than 90 retail banking offices in Bergen, Essex, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Somerset, Union and Warren Counties and is a member of the Federal Deposit Insurance Corporation (FDIC). Summit Bank also operates the following specialized financial service affiliates: The Summit Mortgage Company and Beechwood Insurance Agency, Inc.

CONTACT: The Summit Bancorporation, Chatham

Media Contact:

Anna Fand, AVP, Public Relations, 201/701-2634

or

Investor Relations Contact:

William S. Burns, SVP, Investor Relations, 201/701-2581