CHATHAM, N.J. - Summit Bancorp plans to buy Jackson, N.J.-based Garden State BancShares in a tax-free stock exchange worth about $67 million.

Under the definitive agreement, each share of $316 million-asset Garden State's stock will be exchanged for 1.08 share of Summit stock. That equals $22.41 for each of Garden State's three million outstanding shares, based on Summit's $20.75 stock price at June 13.

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