Princeton, N.J.-based Summit Bancorp plans to set up a VIP desk to handle business for its private banking customers who want to do "self- directed" investing.
The desk, due to open this summer, will consist of two or three brokers reachable through a dedicated phone number available only to private banking clients, said James S. Little, executive vice president of the bank's investment services group.
The desk will let customers of Summit's high-net-worth division, which it calls the Private Bank, link up directly with a broker who can handle their needs, rather than going through the main channels, said Mr. Little.
One of the services the desk will provide is the exercise of stock options for corporate executives, said Mr. Little.
The bank plans to combine its discount and full-service brokerage operation under the Summit Financial Services Group Inc. name during the third quarter.