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Non-Tech : FleetBoston

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To: mivicap who wrote (1)	9/27/2000 2:57:56 PM
From: Lynn	Read Replies (1) of 20

Summit Bancorp: Takeover Speculation NEUTRAL/Long Term ACCUMULATE Reason for Report: WSJ Article Investment Highlights: Regarding today’s WSJ article speculating about a buyout of SUB, we’ve oftentimes pointed out the franchise value underpinnings of the stock given the Company’s top market share in NJ—making it a primary target for any organization wanting a stronghold in the state. Although the Company has done a good job in improving productivity, a merger would nonetheless provide additional cost save opportunities given operational, administrative, etc. overlaps. Moreover, a merger with a larger, more diversified banking organization could provide a broader product array and technology/distribution advantages that could enhance SUB’s revenue growth potential and mix. Year to date 2000, bank-to-bank transactions valued at greater than $1 billion have fetched a median price equivalent to 12.5x latest 12 month EPS and 1.8x book value. Lynn

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