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Article: Summit Acquires New Canaan Bank and Trust Company, Expands Fairfield County, Connecticut Presence
- Article from:
- PR Newswire
- Article date:
- August 25, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PRINCETON, N.J., Aug. 25 /PRNewswire/ -- Summit Bancorp (NYSE: SUB) and New Canaan Bank and Trust Company (Nasdaq: NECA) jointly announced today that they have entered into a definitive merger agreement for Summit to acquire New Canaan Bank. New Canaan Bank is a commercial bank headquartered in New Canaan, Connecticut with $173 million in assets and four branches in southern Fairfield County.
Summit Chairman and Chief Executive Officer T. Joseph Semrod said, "The acquisition of New Canaan Bank, a growth-oriented institution, is consistent with Summit's plans for expansion in Fairfield County. New Canaan Bank is a community bank with a strong focus on ...