SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: (Date of earliest event reported) August 1, 1997
Summit Bancorp.
(Exact name of Registrant as Specified in its Charter)
NEW JERSEY 1-6451 22-1903313
(State or other juris- (Commission (IRS Employer
diction of incorporation File No.) Identification No.)
or organization)
301 Carnegie Center, P.O. Box 2066,
Princeton, New Jersey 08543-2066
(Address of Principal Executive Offices)
(Zip Code)
(609) 987-3200
(Registrant's Telephone Number, including area code)
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Item 2. Acquisition or Disposition of Assets
On August 1, 1997, the merger (the "Merger") of Collective
Bancorp, Inc. ("Collective") with and into Summit Bancorp.
("Summit") became effective (the "Effective Time"). The Merger
was effected pursuant to the Agreement and Plan of Merger, dated
February 27, 1997, as amended by Amendment No. 1 dated May 27,
1997, between Collective and Summit ("Merger Agreement"). The
Merger will be accounted for on a pooling-of-interest basis.
Collective was a Delaware business corporation and savings and
loan holding company registered under the Home Owners Loan Act,
which had its principal executive offices in Cologne, New Jersey
and which owned all of the outstanding capital stock of
Collective Bank. Collective Bank is principally engaged in the
business of attracting deposits from the general public and using
those deposits, together with borrowings and other funds, to
originate loans secured by real estate, to purchase mortgage
backed securities and, to a lesser extent, to originate various
types of consumer and commercial loans and to make other
investments. In addition, Collective Bank own subsidiaries that
are engaged in securities brokerage, insurance agency and
mortgage lending activity. As of March 31, 1997, Collective Bank
held approximately $5.5 billion in assets and operated 82 branch
offices located in 15 counties in New Jersey. Summit will carry
on the business of Collective.
Pursuant to the Merger Agreement, each shareholder of Collective
will receive whole shares of Summits' Common Stock based upon an
exchange ratio of .895 shares of Summits' Common Stock for each
outstanding share of Collective Common Stock held at the
Effective Time and cash in lieu of any fractional share.
The Merger Agreement provides that Thomas H. Hamilton, Chairman
and Chief Executive Officer of Collective, and one other director
of Collective selected by the Board of Directors of Summit will
serve as directors of Summit.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired
The financial statments of Collective required by this Item were
previously filed on a Form 8-K dated July 28, 1997 filed by the
Registrant and are incorporated by reference herein.
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(b) Pro Forma Financial Information
The financial information required by this Item was previously
filed on a Form 8-K dated July 28, 1997 filed by the Registrant
and is incorporated by reference herein.
(c) Exhibits
(i) Agreement and Plan of Merger dated February 27, 1997, as
amended by Amendment No. 1 dated May 27, 1997, between Summit
Bancorp. and Collective Bancorp (incorporated by reference from
Appendix A to Proxy Statement-Prospectus included in Amendment
No. 1 to Registrant's Registration Statement on Form S-4, File
No. 333-26397).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereto duly authorized.
Date: August 1, 1997 SUMMIT BANCORP.
(Registrant)
By: /s/ DENNIS A. WILLIAMS
Dennis A. Williams
Senior Vice President
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