By Joshua Burd
Spencer Savings Bank has announced the promotion of a lending executive with some three decades with the company and five decades in the industry.
According to the lender, which is based in Elmwood Park, Mercedes Pedrick is now a senior vice president and director of home finance. In that role, she has assumed leadership of the newly formed home finance group, which provides financing on all one- to four-family properties.
“We are pleased to announce the promotion of Mercedes M. Pedrick to senior vice president and director of home finance,” said Jose B. Guerrero, Spencer’s chairman and CEO. “In her 30-year tenure with the bank, Mercedes has been a dedicated key member of the lending leadership team, successfully growing the residential mortgage portfolio to its present $433 million level with outstanding credit quality, which has withstood many business cycles.”
Pedrick has 50 years of industry experience and was instrumental in starting Spencer’s mortgage division, according to a news release. She began her career at Valley Savings Bank in 1972, where she worked for almost 20 years as vice president of residential lending, while she resides in Bergen County.
