NEW YORK - Bank of New York said Tuesday that it has acquired the corporate trust business of Summit Bancorp of Princeton, N.J., for an undisclosed price.
Summit, which was purchased by FleetBoston Financial Corp. last week, will transfer nearly 800 bond trustee and agency relationships representing roughly $15.7 billion of outstanding securities for state and local government issuers, colleges, universities, and health care institutions, as well as corporate clients, to Bank of New York, which administers $750 billion of outstanding securities for about 30,000 clients worldwide.
