Five days after they were reported to be in talks, FleetBoston Financial Corp. announced Sunday evening it agreed to acquire Summit Bancorp for $7 billion in stock, broadening the Boston bank's franchise in New Jersey and the northeast market.

The deal values the Princeton, N.J.-based Summit at $39.78 per share, based on Fleet's $39 share price Friday. Summit shareholders will receive 1.02 shares of Fleet for each share of Summit. Summit's stock closed at $34.375 on Friday.

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