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Summit Business Capital Merged into Fleet Capital
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Business New Haven
6/18/2001
By: BNH
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GLASTONBURY - FleetBoston Financial has announced that it will expand its asset-based lending capabilities by integrating a former Summit Bancorp unit, Summit Business Capital, into its secured lending unit, Fleet Capital Corp. The former Summit unit will form a new division of that company and will focus on asset-based transactions from $2 million to $10 million. Fleet Capital currently provides asset-based loans from $10 million to $500 million. FleetBoston Financial acquired New Jersey-based Summit Bancorp of New Jersey on March 1.
Michael J. Maiorino will serve as president of the new group, to be known as the Business Finance Division. Maiorino was chairman and CEO of Summit Business Capital. The unit will be based in Cranford, N.J. with offices in Boston, New York, Long Island and Philadelphia.
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