Santander Bank, N.A. (BNC.L,BSBR,SAN), a Spanish financial services provider, said on Wednesday that it has inked a deal with Community Bank, N.A., a subsidiary of Community Financial System, Inc. (CBU), to sell its seven branches in the U.S.
These branches are located in Allentown, Bethlehem, Coopersburg, Easton, Emmaus, and Whitehall. The transaction is expected to close in the fourth quarter of 2025.
The agreement comes as Santander Bank continues to transform into a national, digital-first bank with branches. Swati Bhatia, CEO of Openbank in the U.S., said: "As we grow our presence nationally, we are making refinements to our physical presence to reposition and optimize our footprint for the future. We are investing in our branches, introducing new state-of-the art formats such as our new flagship model."
Santander launched Openbank in the U.S. in late 2024. Since then, Openbank has generated over $4 billion in deposits with more than 100,000 customers.
SAN was down by 3.14% at $8.01 in the pre-market trade on the New York Stock Exchange.
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