The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
NEW YORK--The Federal Reserve Bank of New York Monday approved the notice by Summit Bancorp, Princeton, NJ, to merge with Prime Bancorp, Inc., Fort Washington, PA. As a result of the merger, Summit Bancorp will acquire Prime Bank, Philadelphia, PA.
According to standard procedure, the proposal cannot be completed for 15 days.
The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.
In a related matter, the Federal Reserve Bank of Philadelphia approved an application by Summit Bank (Pennsylvania), Bethlehem, PA, to merge with Prime Bank.