BOSTON, April 22, 2019 /PRNewswire/ -- Santander Bank, N.A. ("Santander" and "SBNA")
today announced that it has entered into an agreement with First
Commonwealth Financial Corporation's banking subsidiary First
Commonwealth Bank ("First Commonwealth") for the sale of 14 bank
branches located in central Pennsylvania. The branches are located in
State College, Lock Haven, Williamsport, South
Williamsport, Lewisburg,
Danville, Montoursville, Beech
Creek, Jersey Shore,
Milton, Muncy and Renovo,
Pennsylvania, and comprise approximately $525 million of deposits and $120 million of retail and business loans as of
March 31, 2019.
The transaction aligns with Santander's strategy to reallocate
capital to investments in core markets that will drive growth. The
sale provides First Commonwealth with the opportunity to expand its
Pennsylvania footprint, extend its
mission of improving financial lives into these neighboring central
Pennsylvania communities, and grow
its deposit base with low-cost, stable funding.
"Santander is proud to have served these communities in central
Pennsylvania for more than a
decade," said Michael Cleary,
Co-President of Santander Bank, and
Head of Consumer and Business Banking. "We are pleased to reach
this agreement with First Commonwealth – a mission-driven community
bank that shares our values of providing excellent service to our
customers and a great work environment for our team members. We
look forward to working with them to provide a seamless transition
and service experience for our customers, employees and the
community."
The transaction is subject to regulatory approval and
satisfaction of customary closing conditions, and is expected to
close in the third quarter of 2019. Citigroup Global Markets served
as financial advisor and Reed Smith
served as legal advisor to Santander
Bank in this transaction.
Santander Bank,
N.A. is one of the country's largest retail and
commercial banks with $74.2 billion
in assets. With its corporate offices in Boston, SBNA's approximately 9,600 employees,
over 600 branches, more than 2,000 ATMs and 2.1 million customers
are principally located in Massachusetts, New
Hampshire, Connecticut,
Rhode Island, New York, New
Jersey, Pennsylvania and
Delaware. Santander Bank, N.A. is a wholly-owned
subsidiary of Madrid-based Banco
Santander, S.A. (NYSE: SAN) - one of the most respected banking
groups in the world with more than 125 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.
Media
Contacts:
Laurie Kight
214-801-6455
laurie.kight@santander.us
Nancy Orlando
617-757-5765
nancy.orlando@santander.us
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SOURCE Santander Bank, N.A.