Exhibit 99.1

            Susquehanna Bancshares Announces Investment Restructuring

    LITITZ, Pa.--(BUSINESS WIRE)--July 9, 2007--Susquehanna Bancshares, Inc.
(NASDAQ: SUSQ), a regional financial services holding company, announced today
that it has completed a restructuring of its bank investment portfolio. The
restructuring prepares the company for its anticipated acquisition of Community
Banks, Inc. (Community), announced on May 1, 2007, and aligns the current and
post merger portfolio with its current organizational structure. Susquehanna
periodically evaluates its securities available-for-sale portfolio in light of
changing economic and market conditions, tax and performance factors, future
acquisitions and overall position improvement.

    During May and June 2007, while planning for the Community acquisition and
resulting growth and composition of the investment portfolio, Susquehanna
management performed a comprehensive review of its available-for-sale
investments. The company determined that for administrative and operational
purposes, small remaining portions in mortgage-backed securities ("odd lots" or
securities with remaining par amounts of less than $2 million) should be sold.
These "odd lots," totaling $182 million, resulted from previous mergers and bank
consolidations, and from principal amortization over time. Additionally, it was
determined that all collateralized mortgage obligations regardless of remaining
par amount, totaling $51 million, should be sold. These mortgages were
predominately acquired in the historic low-rate environment of 2002-2004. This
investment portfolio restructuring is expected to reduce administrative costs of
managing "odd lots," improve the yield on the investment portfolio, and enhance
related net interest margin and net interest income.

    The restructuring involved the sale of $233 million in available-for-sale
securities or approximately 16% of Susquehanna's total investment portfolio. It
resulted in a pre-tax charge of approximately $11.8 million in June 2007, but
had minimal impact on shareholder's equity as the decline in value of the
investments had been previously reflected in accumulated other comprehensive
income.

    The proceeds from the sales of these securities were reinvested in a
diversified mix of Federal Agency bullet debentures and commercial and
residential mortgage-backed securities with higher yields, longer duration and
positive convexity attributes. The sold securities had a weighted average yield
of 3.76% while the proceeds were reinvested in securities with an expected yield
of 5.75%. Management believes that this restructuring will better position its
investment portfolio and overall balance sheet to perform well in the current
interest rate environment and for the anticipated merger with Community.

    Susquehanna Bancshares, Inc., is a financial services holding company with
assets of $8.2 billion. It includes three commercial banks that provide
financial services at 163 branch locations in the mid-Atlantic region. Through
Susquehanna Wealth Management, the company offers investment, fiduciary,
brokerage, insurance, retirement planning, and private banking services.
Susquehanna also operates an insurance and employee benefits company, a
commercial finance company, and a vehicle leasing company. For more information,
please visit www.susquehanna.net.

    This press release contains "forward looking" statements as defined in the
Private Securities Litigation Reform Act of 1995 that are based on Susquehanna's
current expectations, estimates and projections about future events and
financial trends affecting the financial condition of its business, including
the anticipated cost savings and improvements of yield in the investment
portfolio as a result of the restructuring and the impact of the restructuring
on Susquehanna following the anticipated merger with Community. These statements
are not historical facts or guarantees of future performance, events or results.
Such statements involve potential risks and uncertainties. Accordingly, actual
results may differ materially. Susquehanna undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

    CONTACT: Susquehanna Bancshares, Inc.
             Abram G. Koser, 717-625-6305
             ir@susquehanna.net