PRINCETON, N.J., Jan. 1 /PRNewswire/ -- Although Summit is continuing to
make the necessary assessment of all its systems, at this point, Summit's
operations are continuing to function properly. Additionally, we continue to
have no indication at this point of any negative impact due to problems with
telecommunications, or electric or water utilities.
Summit customers can continue to access their accounts and conduct
business with Summit Bank with no disruption, and our ATM network is
operational.
"It appears that our preparations for Year 2000 have been on target.
Although we are still making the necessary assessment of all our systems, it
appears that our customers can access their accounts with Summit Bank just as
they normally would on any other day," said Larry Betsinger, Executive Vice
President.
In September, Summit announced to customers that it was prepared for
business as usual in Year 2000. By March 31, Summit had completed the
remediation and testing of its software systems and the computer equipment on
which they run.
Summit began work on its Year 2000 project in 1995, starting with an
inventory of all computer technology components -- approximately 11,600
different systems and pieces of hardware equipment. By March 31, Summit had
completed the remediation and testing of its software systems and the computer
equipment on which they run.
Summit's testing covered the bank's mission-critical as well as non-
mission critical computer systems. Testing of computer system links with
service providers (including the Federal Reserve, bank vendors and others with
whom data are shared) was also completed, and a series of integrated tests
using the bank's dedicated "future dated" computer provided additional
assurance that bank operations were well prepared for the Year 2000.
Summit also took the necessary steps to make sure that ATMs would function
through the date change, including comprehensive testing.
Summit had prepared contingency plans for dealing with a broad range of
potential internal and external issues such as loss of electrical power, or
other problems presented by external vendors or service providers. [It was
not necessary to implement any of these plans.]
Throughout 1999, Summit communicated its Year 2000 readiness progress to
customers. Year 2000 brochures were distributed to customers in account
statements in April, November and December. A Year 2000 message went on
display in November in 500 traditional and supermarket branches located in New
Jersey, Pennsylvania and Connecticut. To further reassure its customers, more
than 400 Summit branches were scheduled to be open for business on New Year's
Day.
Summit Bank is a subsidiary of Summit Bancorp (NYSE: SUB), a $36 billion
regional bank holding company headquartered in Princeton, New Jersey. Summit
Bank operates 500 traditional and supermarket branches in New Jersey, eastern
Pennsylvania and Connecticut and an extensive network of automated teller
machines. The company provides financial services to individuals, businesses,
not-for-profit organizations, government entities and other financial
institutions through its commercial and retail banking, investment services
and private banking lines of business.
SOURCE Summit Bank
 back to top
Related links:
http://www.summitbank.com
CONTACT:
Jean Kirshenbaum of Summit Bancorp,
609-987-3680
|
