Filed by FleetBoston Financial Corporation
                           Pursuant to Rule 425 under the Securities Act of 1933
                                        and deemed filed pursuant to Rule 14a-12
                                          of the Securities Exchange Act of 1934

                             Subject Company:  FleetBoston Financial Corporation
                                                      Commission File No. 1-6366



On February 12, 2001, FleetBoston Financial Corporation issued the following
press release:

                FLEET AND SUMMIT RECEIVE FED APPROVAL FOR MERGER

BOSTON--(BUSINESS WIRE)--Feb. 12, 2001--FleetBoston Financial today received
approval from the Board of Governors of the Federal Reserve System for its
merger with Summit. The approval by the Board brings the two companies a step
closer to becoming one institution with some 60,000 employees and more than 20
million customers worldwide. Fleet and Summit expect the merger to close in
March 2001.

"We are extremely pleased that the Board has allowed us to proceed with this
merger," said Terrence Murray, Chairman and Chief Executive Officer of
FleetBoston Financial. "The Summit transaction is an excellent geographic fit
with our existing franchise, making Fleet the number one bank in New Jersey and
extending our banking franchise into the Philadelphia region."

"In our preparations to combine our two companies, we are already seeing the
tremendous opportunities this transaction presents for our customers and our
shareholders," said T. Joseph Semrod, currently Summit's Chairman, President and
Chief Executive Officer who will serve as Chairman of the company's New Jersey
franchise. "Relying on each other's complementary strengths, the new
organization will offer our customers a broader and more sophisticated array of
products and services, while continuing to provide the highest levels of
customer service."

Fleet and Summit anticipate operating their two companies as a single entity
beginning in the third quarter of 2001. Affected customers of both institutions
are asked to continue banking as usual until further notice. All customers will
be notified in writing well in advance of any changes relating to their
accounts.

The Federal Reserve approval follows approval by the U.S. Department of Justice
of the proposed Fleet/Summit divestiture plan, which calls for five branches
within Southern New Jersey to be sold. A buyer(s) is expected to be named by
mid-February. Related merger applications are currently pending with the Office
of the Comptroller of the Currency (OCC) and with state bank regulators.

FleetBoston Financial is the seventh-largest financial holding company in the
United States. A $179 billion diversified financial services company, it offers
a comprehensive array of innovative financial solutions to 20 million customers
in more than 20 countries and territories. Among





the company's key lines of business are: retail banking, with over 1,200
branches and nearly 3,400 ATMs in the Northeast; commercial banking, including
capital markets/investment banking and commercial finance; investment services,
including discount brokerage; and full-service banking through more than 250
offices in Latin America. FleetBoston Financial is headquartered in Boston and
listed on the New York Stock Exchange (NYSE: FBF) and the Boston Stock Exchange
(BSE: FBF).

FLEETBOSTON FINANCIAL CORPORATION FILED A REGISTRATION STATEMENT ON FORM S-4
(FILE NO. 333-50346) WITH THE SECURITIES AND EXCHANGE COMMISSION CONTAINING A
PROXY STATEMENT-PROSPECTUS REGARDING THE PROPOSED MERGER OF SUMMIT BANCORP. AND
FLEETBOSTON. SUMMIT SHAREHOLDERS ARE URGED TO READ THE PROXY
STATEMENT-PROSPECTUS BECAUSE IT CONTAINS IMPORTANT INFORMATION. SHAREHOLDERS MAY
OBTAIN A FREE COPY OF THE PROXY STATEMENT-PROSPECTUS AND OTHER DOCUMENTS FILED
BY FLEETBOSTON AND SUMMIT WITH THE SEC AT THE SEC'S INTERNET SITE
(HTTP://WWW.SEC.GOV). COPIES OF THE PROXY STATEMENT-PROSPECTUS AND THE SEC
FILINGS INCORPORATED BY REFERENCE IN THE PROXY STATEMENT-PROSPECTUS CAN ALSO BE
OBTAINED, WITHOUT CHARGE, BY DIRECTING A REQUEST TO FLEETBOSTON FINANCIAL
CORPORATION, INVESTOR RELATIONS DEPARTMENT, 100 FEDERAL STREET, P.O. BOX 2016,
MAIL STOP: MA DE 10034F, BOSTON, MASSACHUSETTS 02106-2106, TEL: (617) 434-7858.