June 30, 2025
— Jeff Ward, Lehigh Valley News Briefs
Community Bank has agreed to buy seven Santander Bank locations in the Allentown area, the two companies said in press statements.
The branches are in Allentown, Bethlehem, Coopersburg, Easton, Emmaus and Whitehall, Santander said. Santander said it is moving more into digital banking, while Community Bank is expanding locally with traditional locations.
Community Bank is part of Syracuse, New York-based Community Financial System (NYSE:CBU). Santander, once known as Sovereign Bank, is the American subsidiary of Santander Group, based in Spain.
Community Bank said it will assume about $600 million in deposits and acquire about $33 million in loans. It said it will pay a deposit premium of 8.0%, or approximately $48 million, in cash to Santander Bank. Community Financial System expects the transaction to add slightly to earnings.
Here’s the Community Bank statement:
SYRACUSE, N.Y.–(BUSINESS WIRE)–Community Bank, N.A. (“Community Bank”), a subsidiary of Community Financial System, Inc. (NYSE: CBU), announced today it has entered into a Purchase and Assumption Agreement with Santander Bank, N.A. (“Santander Bank”) to acquire seven branch locations in the Allentown, PA area as well as certain branch related loans and deposits. In addition, Community Bank will purchase related wealth management relationships. The transaction is expected to close during the fourth quarter of 2025 subject to customary regulatory approval. All branches will remain open and all employees will be offered continued employment.
The transaction accelerates Community Bank’s de novo expansion in the Greater Lehigh Valley and complements its existing commercial and consumer lending presence in the market. The acquisition, together with Community Bank’s existing branches in the market and its pending de novo locations, brings Community Bank’s total retail locations in the Greater Lehigh Valley to 12, resulting in a Top 5 market position.
Community Bank anticipates assuming approximately $600 million in deposits and purchasing approximately $33 million in branch-related loans. Community Bank will pay a deposit premium of 8.0%, or approximately $48 million, in estimated cash consideration to Santander Bank for the branch assets and liabilities. Community Financial System, Inc. expects the transaction to be slightly accretive to earnings.
Lazard Frères & Co served as financial advisor, and Luse Gorman, PC served as legal advisor to Community Financial System, Inc. Ambassador Financial Group also assisted Community Financial System, Inc. in this Lehigh Valley expansion.
For more information on Community Bank’s checking and savings accounts, credit cards, mortgages, personal and business loans, and financial planning, visit cbna.com. Better banking starts with trust, and Community Bank is honored to have been consistently ranked as one of America’s Best Banks by Forbes magazine.
Community Bank, N.A. is a Member FDIC and Equal Housing Lender.
About Community Financial System, Inc.
Community Financial System, Inc. (the “Company”) is a diversified financial services company focused on four main business lines: banking, employee benefit services, insurance services and wealth management services. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest banking institutions, with over $16 billion in assets, and operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont and Western Massachusetts. The Company’s Benefit Plans Administrative Services Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration and actuarial consulting services to customers on a national scale. The Company’s OneGroup NY, Inc. subsidiary is a top 66 U.S. insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Nottingham Financial Group operating unit. The Company is listed on the New York Stock Exchange and trades under the symbol CBU. For more information about Community Bank and Community Financial System, visit cbna.com or communityfinancialsystem.com.
Lehigh Valley News Briefs 