MONDAY, MAY 17, 1999
NEW YORK--The Federal Reserve Bank of New York Monday approved the notice by Summit Bancorp, Princeton, NJ, to merge with Prime Bancorp, Inc., Fort Washington, PA. As a result of the merger, Summit Bancorp will acquire Prime Bank, Philadelphia, PA.
According to standard procedure, the proposal cannot be completed for 15 days.
The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.
In a related matter, the Federal Reserve Bank of Philadelphia approved an application by Summit Bank (Pennsylvania), Bethlehem, PA, to merge with Prime Bank.