(Reuters) -Santander said on Wednesday it had agreed to sell seven branches in the Allentown, Pennsylvania area to U.S.-based Community Bank as the Spanish lender pivots towards becoming a digital-first bank in the United States. Santander launched Openbank in the U.S. market late last year with a high-yield savings account offering, and aims to have […]
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Santander to sell seven Pennsylvania branches to Community Bank
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(Reuters) -Santander said on Wednesday it had agreed to sell seven branches in the Allentown, Pennsylvania area to U.S.-based Community Bank as the Spanish lender pivots towards becoming a digital-first bank in the United States.
Santander launched Openbank in the U.S. market late last year with a high-yield savings account offering, and aims to have a full-service digital bank in the country by the end of 2025.
In a separate statement, Community Bank said it will pay Santander a deposit premium of $48 million for assets and liabilities of the branches.
The New York-based lender said it expects to assume about $600 million in deposits and purchase nearly $33 million in branch-related loans.
The transaction is expected to close in the fourth quarter of 2025.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Leroy Leo)