Summit Bancorp's insurance arm has bought 500 insurance accounts without buying the agency.

It was the first such deal for the $32 billion-asset banking company, which is based in Princeton, N.J. The accounts were acquired last week from two Morristown, N.J., agencies-Phoenix Insurance Associates Inc. and Personal Insurance Programs Inc.-said Jack Cussen, Summit's insurance chief. The agencies' owner wanted to spend less time working, Mr. Cussen said.

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