DeWITT, N.Y. \u2014 Community Bank, N.A. on Monday said the bank has completed its acquisition of seven branch locations from Santander Bank, N.A. in the Allentown, Pennsylvania area.<\/p>\n
The bank had initially announced the acquisition back in late June.<\/p>\n
Community Bank is a wholly owned banking subsidiary of Community Financial System, Inc. (NYSE: CBU), which is headquartered in DeWitt.<\/p>\n
The acquisition \u2014 which adds about $553 million in customer-deposit accounts \u2014 strengthens the bank\u2019s ability to provide service to consumer, business banking, and private banking clients in the Greater Lehigh Valley while growing its presence and acquiring new customers.<\/p>\n
\u201cWe 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,\u201d Dimitar Karaivanov, president and CEO of Community Financial System, said in the announcement. \u201cWe look forward to building lasting relationships and supporting the Greater Lehigh Valley community with trusted, personalized banking.\u201d<\/p>\n
This acquisition accelerates Community Bank\u2019s 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.<\/p>\n
\u00a0About Community Financial System <\/p>\n
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.<\/p>\n
Its banking subsidiary, Community Bank, is among the country\u2019s 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.<\/p>\n
The company\u2019s 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.<\/p>\n
The company\u2019s OneGroup NY, Inc. subsidiary is a top 68 U.S. insurance agency, the company noted.<\/p>\n
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