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FEDERAL RESERVE BANK OF NEW YORK

NEW YORK, N.Y. 10045-0001

AREA CODE 212-720-5000

August 20, 1998 Ms. Godelieve L. Babey Assistant Vice President Summit Bank 301 Carnegie Center P.O. Box 2066 Princeton, New Jersey 08543-2066 Dear Ms. Babey: We refer to your letters dated June 24, 1998, requesting an extension of time on behalf of Summit Bank, Hackensack, New Jersey ("Summit"), to establish, pursuant to Section 9 of the Federal Reserve Act, branch offices at the following locations: (1) (2) Pathmark Supermarket - 130 White Horse Pike, Lawnside, New Jersey Pathmark Supermarket - 1450 Clements Bridge Road, Deptford, New Jersey

The applications for these branches were approved by this Reserve Bank, acting under authority delegated by the Board of Governors of the Federal Reserve System (the "Board"), on July 8, 1997, provided their establishment was effected within one year of that date. Your letter explains that the projected opening dates of both facilities have been postponed. Accordingly, you have requested an extension of time for Summit to establish the branches. In view of the foregoing, this Reserve Bank, acting under authority delegated by the Board in Section 265.11(a)(12) of its Rules Regarding Delegation of Authority, extends to July 8, 1999, the time within which the establishment of the branches may be effected. We would appreciate your advising us as soon as the dates for establishing the branches have been set, or in any event no later than ten days prior to the scheduled opening dates. Such advice should include the effective dates for opening, the name, if any, by which each branch will be known, the official postal address, including the zip code, and the name of a person in your organization who may be contacted to confirm that the opening has taken place as scheduled.

FEDERAL RESERVE BANK OF NEW YORK

2

Ms. Godelieve L. Babey 1998

August 20,

Should Summit, at some future time, cease to operate any of the proposed branch offices, prior notice pursuant to Section 42 of the Federal Deposit Insurance Act, as amended, will be required. Very truly yours,

/s/ James E. Beit Staff Director Domestic Banking Applications Division Banking Applications Department

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Summit Bank

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