Summit Bancorp said it bought $5.5 billion-asset Collective Bancorp, a thrift based in Egg Harbor City, N.J.

Collective's shareholders, who approved the transaction two weeks ago, will receive 0.895 of a Summit common share for each share they own. The deal, at the close, was valued at about $1.1 billion.

The transaction boosts $29 billion-asset Summit's deposit market share in New Jersey to third in the state, behind First Union Corp. and PNC Bank Corp.

Collective has deposits of $3.5 billion. Collective Bank has 82 branches.

Summit expects to take $18 million, or 25%, out of Collective's expense base.

A Summit spokeswoman said that although there are about 25 Summit and Collective branches that overlap in certain regions, management has not yet determined which branches will be closed or consolidated.

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