M&A - COMMUNITY FINANCIAL SYSTEM, INC.

Form Type: 8-K

Filing Date: 2025-06-25

Corporate Action: Acquisition

Type: New

Accession Number: 000110465925062456

Filing Summary: On June 24, 2025, Community Bank, N.A., a wholly-owned subsidiary of Community Financial System, Inc., entered into a Purchase and Assumption Agreement with Santander Bank, N.A. under which Community Bank will acquire certain assets and assume liabilities of seven Santander branch offices in Allentown, Pennsylvania. The transaction involves acquiring approximately $600 million in deposits and $33 million in branch-related loans, with Community Bank agreeing to pay an 8.0% deposit premium, totaling about $48 million. The agreement includes commitments such as offering employment to branch employees and conducting business in ordinary course until the acquisition is finalized, anticipated to occur in the fourth quarter of 2025 pending regulatory approvals and completion of transaction documents. Additionally, Nottingham Investment Services, Inc., a subsidiary of Community Bank, will purchase related wealth management relationships from Santander's affiliate, Santander Securities LLC.