Summit Bancorp is expected to announce today that it is sharply reducing fees and service charges on retail accounts.

The Princeton, N.J., banking company sees the move as a way to attract consumer accounts in a market that is rife with competition from community banks and big out-of-state banks.

"Summit wants to be known as the bank of choice in New Jersey," said David Trone, banking analyst at Credit Suisse First Boston.

Mr. Trone said Summit wants to combine the attributes of a larger banking company with the type of fee structures that community banks use.

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