Santander Bank Announces Agreement to Sell Seven Branches to Community Bank, N.A.

Santander Bank, N.A. ("Santander Bank" or "Santander") today announced that it has entered into an agreement with Community Bank, N.A. ("Community Bank"), a subsidiary of Community Financial System, Inc., 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. Santander launched Openbank in the U.S. market in late 2024 with a high yield savings account offering that is now available nationwide. Since its U.S. debut, Openbank has generated more than $4 billion in deposits and serves more than 100,000 customers, as of May 2025. Santander also unveiled last month its first Openbank-branded physical location in the United States at the Miami Worldcenter. Openbank accounts are not included in this transaction with Community Bank.

"As we grow our presence nationally, we are making refinements to our physical presence to reposition and optimize our footprint for the future," said Swati Bhatia, Head of Retail Banking & Transformation for Santander Bank and CEO for Openbank in the United States. "We are investing in our branches, introducing new state-of-the art formats such as our new flagship model. The investments we are making in both digital and physical will help ensure Santander is best positioned to deliver for our customers for years to come."

Community Bank is among the country's 100 largest banking institutions with over $16 billion in assets and operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont and Western Massachusetts.

"Community Bank is a highly rated bank, known for its top-caliber customer service," Bhatia said. "We enter into this agreement knowing that our valued, long-standing customers will be well taken care of, as we continue our transformation in the United States."

Community Bank has been recognized in recent years as one of America's Most Trustworthy Companies by Newsweek Magazine in 2023, and in 2024, its parent company, Community Financial System, Inc., was recognized as one of America's Best Banks for the 16th year in a row and as one of the World's Best Banks by Forbes Magazine.

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 fourth quarter of 2025. Reed Smith served as legal advisor to Santander Bank in this transaction.

About Santander Bank, N.A

Santander Bank, N.A. is one of the country's leading retail and commercial banks, with $102 billion in assets as of December 31, 2024. With its corporate offices in Boston, the Bank's more than 4,400 employees and more than 1.8 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, Delaware, and Florida. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE:SAN), recognized as one of the world's most admired companies by Fortune Magazine in 2024, with approximately 175 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander's intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.

Openbank in the United States is a division of Santander Bank, N.A., which is a Member of FDIC and a wholly owned subsidiary of Banco Santander, S.A. © 2025 Santander Bank, N.A. All rights reserved. Santander, Santander Bank, Openbank, and the Flame Logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. All other trademarks are the property of their respective owners. For more information on Openbank in the United States, please visit www.openbank.us.

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Andrew Simonelli

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