FOR IMMEDIATE RELEASE: THURSDAY, MAY 29, 1997

NEW YORK—The Federal Reserve Bank of New York Thursday approved the notice by Summit Bancorp., Princeton, N.J., to acquire Collective Bancorp, Inc., Egg Harbor City, N.J. The Federal Reserve Bank also approved the application by Summit Bank, Hackensack, N.J., to merge with Collective Bank, Egg Harbor City, N.J., and incident thereto, to establish branches.

According to standard procedure, the proposed bank merger cannot be completed for 15 days.

Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.