Magazine article American Banker

Summit First New Jersey Bank to Take Equity Stake in NYCE

Magazine article American Banker

Summit First New Jersey Bank to Take Equity Stake in NYCE

Article excerpt

Summit Bancorp has become the first New Jersey bank to take an equity position in NYCE Corp., the Northeast's top automated teller machine network.

The move by the $28 billion-asset Princeton bank is to be announced officially today.

NYCE chairman and chief executive officer Dennis Lynch said he was "very pleased" that Summit, a participant in the competing MAC system, has taken a stake in the network, which is based in Woodcliff Lake, N.J.

Summit is the first addition to the NYCE board since the network merged with Connecticut-based Yankee 24 in 1994.

Though many of its financial institutions have become NYCE members, New Jersey has long been regarded as MAC territory. Summit plans to maintain its member- ship in both networks.

The past two years have seen a major consolidation of banks in the Northeast. NYCE's board has shrunk by four as Chemical Banking Corp., Shawmut National Corp., National Westminster Bancorp, and BayBanks Inc. were either purchased by or merged with other institutions.

Summit joins seven others on the NYCE board: Bank of New York Co., Bank of Boston Corp., Chase Manhattan Corp., Citicorp, Fleet Financial Group, Marine Midland Banks Inc. …

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