Community Bank to acquire 7 Santander branches in Allentown, PA, adding ~$600M deposits

COMMUNITY FINANCIAL SYSTEM, INC.

Acquires 7 Santander branches in Allentown area; assumes ~$600M deposits and ~$33M loans.
Cash consideration of ~$48M (8.0% deposit premium); also buys wealth management relationships.
Expected close in Q4 2025, subject to regulatory approval; all employees offered jobs.
Combined with existing branches, total 12 retail locations in Greater Lehigh Valley; top 5 market share.
Transaction expected to be slightly accretive to Community Financial System earnings.

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