The collapse of a $270 million merger in New Jersey between Summit Bancorp. and Bankers Corp. is being blamed on the premature disclosure of their letter-of-intent.

Joseph P. Gemmell, chief executive officer of Bankers, the holding company for Bankers Savings based in Perth Amboy, said news of the discussions was leaked to traders, resulting in a surge in Bankers' stock price. That forced the two parties to act before they were ready to go public, he said.

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