In Brief: Summit of N.J. Closes Deal for Pa. Company

Summit Bancorp has completed its acquisition of Prime Bancorp of Fort Washington, Pa., for about $277 million in stock.

Summit, which has $35 billion of assets, said Monday that the deal enables it to more than double its branch presence in affluent Bucks, Chester, Delaware, Montgomery, and Philadelphia counties.

Prime Bancorp had $1.1 billion of assets and 27 branches.

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