DeWITT, N.Y. — The deal was first announced back in June, and on Nov. 10, Community Bank, N.A. said it had completed its acquisition of seven branch locations from Santander Bank, N.A. in the Allentown, Pennsylvania area. Community Bank is a wholly owned banking subsidiary of Community Financial System, Inc. (NYSE: CBU), which is headquartered […]
DeWITT, N.Y. — The deal was first announced back in June, and on Nov. 10, Community Bank, N.A. said it had completed its acquisition of seven branch locations from Santander Bank, N.A. in the Allentown, Pennsylvania area.
Community Bank is a wholly owned banking subsidiary of Community Financial System, Inc. (NYSE: CBU), which is headquartered in DeWitt.
The acquisition — which adds about $553 million in customer-deposit accounts — strengthens the bank’s ability to provide service to consumer, business banking, and private banking clients in Pennsylvania’s Greater Lehigh Valley while growing its presence and acquiring new customers.
“We are delighted to welcome the employees and customers of these seven branches to Community Bank. Our commitment is to ensure a smooth transition and deliver the exceptional service our customers expect from the same dedicated team of professionals they have come to know and trust,” Dimitar Karaivanov, president and CEO of Community Financial System, said in the announcement. “We look forward to building lasting relationships and supporting the Greater Lehigh Valley community with trusted, personalized banking.”
This acquisition accelerates Community Bank’s expansion in the Greater Lehigh Valley, complementing its existing commercial and consumer-lending presence in the market. With the addition of these branches and the recently opened and pending de novo locations, Community Bank will operate a total of 12 retail locations in the Greater Lehigh Valley, securing a top 5 market position, the bank said.
About Community Financial System
Community Financial System is a financial-services company that is focused on four main business lines that include banking, employee benefits, insurance, and wealth-management services.
Its banking subsidiary, Community Bank, is among the country’s 100 largest banking institutions with more than $16 billion in assets. It operates about 200 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts.
The company’s Benefit Plans Administrative Services, Inc. subsidiary is a 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 68 U.S. insurance agency, the company noted.
