Summit Bancorp on Tuesday inked its second acquisition deal in Connecticut, a $45.1 million deal to buy New Canaan Bank and Trust Co.
The deal would bring Summit four branches and $173 million of assets in Connecticut's affluent Fairfield County. It is scheduled to close in the first quarter of 1999 pending regulatory approval.
In June, Summit said it would acquire NSS Bancorp of Norwalk, which is also in Fairfield County. That $139.6 million deal would bring eight branches and $652 million of assets to Summit, which has $31 billion of assets.
Summit executives said the acquisitions will stretch the bank from its established bases in New Jersey and eastern Pennsylvania to a high-growth market. Fairfield County is home to 30% of the state's businesses.