The Summit Bancorporation sets date for special meeting of shareholders.

CHATHAM, N.J.--(BUSINESS WIRE)--November 21, 1995--The Summit Bancorporation (SUMMIT) (NASDAQ:SUBN), has set December 5, 1995 as the record date for the special meeting of shareholders to vote on the merger with UJB Financial Corp. (NYSE: UJB). The meeting date for both organizations has yet to be determined.

SUMMIT, headquartered in Chatham, New Jersey, a $5.6 billion New Jersey bank holding company and UJB Financial Corp., a $15.5 billion bank holding company headquartered in Princeton, announced the signing of a definitive merger agreement on September 11, 1995 subject to shareholder and regulatory approval. It is anticipated that the merger will close in the first quarter of 1996.

SUMMIT's commercial banking subsidiary is Summit Bank which operates 90 retail banking offices in 11 New Jersey counties: Bergen, Essex, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Somerset, Union and Warren. Summit Bank was chartered in 1891.

SUMMIT and Summit Bank also operate the following affiliates which provide specialized financial services to targeted market segments: The Summit Mortgage Company, Beechwood Insurance Agency, Inc.

CONTACT: The Summit Bancorporation

William S. Burns, SVP, Investor Relations [phone]

Anna Fand, AVP, Public Relations [phone]