Santander Bank (SAN) announced that it has entered into an agreement with Community Bank (CBU), a subsidiary of Community Financial System, for the sale of seven branches in the Allentown, Pennsylvania, area. The branches are located in Allentown, Bethlehem, Coopersburg, Easton, Emmaus and Whitehall. The agreement comes as Santander Bank continues to transform into a national, digital-first bank with branches. The transaction is subject to regulatory approval and satisfaction of customary closing conditions. Santander Bank will communicate with impacted customers, as it works to ensure a smooth transition. Nothing will be required of them at this time. The transaction is expected to close in the Q4. Reed Smith served as legal advisor to Santander Bank in this transaction.
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