Community Bank, the banking subsidiary of Community Financial System, recently acquired seven branch locations from Santander Bank in the Allentown, Penn., area.
The purchase adds approximately $553 million in customer deposit accounts and accelerates the bank’s expansion in the Greater Lehigh Valley. The bank now will operate 12 retail locations in the region, giving it a Top 5 market position. The bank plans to grow its presence and acquire new customers.
“We are delighted to welcome the employees and customers of these seven branches to Community Bank,” Dimitar A. Karaivanov, Community Financial System president and CEO, said. “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. We look forward to building lasting relationships and supporting the Greater Lehigh Valley community with trusted, personalized banking.”
Community Bank is one of the 100 largest banking institutions in the United States with more than $16 billion in assets. It operates approximately 200 retail locations in Northeastern Pennsylvania, Upstate New York, Vermont and Western Massachusetts.
Community Financial System is a diversified financial services company with four main business lines: banking services, employee benefit services, insurance services and wealth management services.