<PAGE> 1
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) May 9, 1995
THE SUMMIT BANCORPORATION
(Exact name of registrant as specified in its charter)
New Jersey 0-8026 22-2007124
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One Main Street, Chatham, NJ 07928
(Address of principal executive offices)
Registrant's telephone number, including area code 201-701-2666
<PAGE> 2
Item 5. Other Events
On May 9, 1995, The Summit Bancorporation (the "Company") announced
that its Board of Directors authorized the repurchase of up to 7% of the total
of the Company's shares outstanding or approximately 2.3 million common shares.
The Company announced that it expects to repurchase the common shares from time
to time in the open market or through privately negotiated transactions,
subject to market conditions.
A copy of the News Release issued by the Company on May 9, 1995 is
attached as Exhibit A to the Current Report and is incorporated herein.
SIGNATURES
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 hereunto duly authorized.
The Summit Bancorporation
(Registrant)
/s/ John F. Kuntz
-------------------------
(Signature)
John F. Kuntz, Secretary
Date: May 15, 1995
Attachment
<PAGE> 3
EXHIBIT INDEX
Exhibit A - News Release issued by the Company on May 9, 1995
<PAGE> 1
EXHIBIT A
---------
[SUMMIT BANK LOGO] One Main Street
Chatham, New Jersey 07928
News Release
For Information Contact: John R. Feeney, Senior Executive Vice President and
Chief Financial Officer (201) 701-2510
William S. Burns, Vice President, Investor Relations
(201) 701-2581
FOR IMMEDIATE RELEASE
THE SUMMIT BANCORPORATION ANNOUNCES
COMMON STOCK REPURCHASE PROGRAM
-------------------------------
Chatham, New Jersey (May 9, 1995) - The Summit Bancorporation (SUMMIT)
announced that its Board of Directors authorized the repurchase of up to 7% of
the total SUMMIT common shares outstanding or approximately 2.3 million common
shares. SUMMIT expects to repurchase the common shares from time to time in
the open market or through privately negotiated transactions, subject to market
conditions.
The repurchased common shares will be held as treasury shares and may be used
by SUMMIT for any general corporate purpose, including use of the common shares
by SUMMIT for its dividend reinvestment plan, stock-based employee benefits
plans, acquisitions and issuance of stock dividends. It is expected that the
stock repurchases will be funded by cash generated from operations and cash on
hand. At March 31, 1995, SUMMIT had approximately 33.6 million common shares
outstanding.
SUMMIT, headquartered in Chatham, New Jersey, is a single bank holding company,
established in 1974 with total assets of $5.5 billion at March 31, 1995.
Summit Bank operates 91 banking offices in 11 New Jersey counties, and is a
member of the Federal Deposit Insurance Corporation (FDIC). Summit Bank
provides a full range of banking services including commercial banking, retail
consumer banking, private banking and asset management, and investment
services. Summit Bank also operates specialized financial service affiliates:
The Summit Mortgage Company and Beechwood Insurance Agency, Inc.
SUMMIT's common stock is traded on the NASDAQ National Market System under the
symbol "SUBN."
# # #
