No. 2203

FOR IMMEDIATE RELEASE: WEDNESDAY, APRIL 12 , 2000

T. JOSEPH SEMROD APPOINTED TO NY FED BOARD OF DIRECTORS

NEW YORK – T. Joseph Semrod, chairman, chief executive officer and president of Summit Bancorp, has been elected to the board of directors of the Federal Reserve Bank of New York.

Mr. Semrod succeeds Richard L. Carrion, chairman, president and chief executive officer of Banco Popular de Puerto Rico, as a class A director. He will begin immediately, filling the unexpired portion of a term ending December 31, 2001.

Since 1996, Mr. Semrod has been chairman and chief executive officer of Summit Bancorp, a $38 billion financial services company. He was named president in March 2000. Prior to that, he was chairman, president and chief executive officer of UJB Financial Corporation. In 1996 UJB Financial merged with The Summit Bancorporation to become Summit Bancorp.

Mr. Semrod is a member of The Financial Services Roundtable, the New Jersey Bankers Association and the American Bankers Association. He is a member and past chairman of the International Financial Conference, and was recently appointed by Governor Christine Whitman as co-chair of Prosperity New Jersey Incorporation, an organization that promotes economic development for the state of New Jersey. Mr. Semrod also serves on the board of advisors of Outward Bound, Inc.

He received a B.A. and an LL.B. degree from the University of Oklahoma and is a member of the Oklahoma Bar Association.

The Board of Directors of the Federal Reserve Bank of New York is comprised of nine members, six of whom (three class A and three class B directors) are elected by depository institutions of the Federal Reserve's Second District. The remaining three (class C directors) are appointed by the Board of Governors of the Federal Reserve System. Class A directors are drawn from among the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business and industry, agriculture, labor and consumers.