Spencer Savings Bank is headquartered in Elmwood Park
By Tina Traster
Spencer Savings Bank SLA has completed its merger with Edgewater-based Mariner’s Bank in an all-cash transaction.
The merger adds six full-service branch offices to Spencer’s existing 20 financial centers located throughout New Jersey. Mariner’s Bank’s locations are concentrated in Bergen County.
“We are pleased to be joining two community-focused banks that share a deep commitment to its customers and local communities,” said Jose B. Guerrero, chairman and CEO at the century-old Spencer Savings Bank. “After months of planning and hard work, we are excited to officially welcome both the Mariner’s Bank team and customers to Spencer. The merger provides growth opportunities for both and positions Spencer well for continued success.”
As of Sept. 30, Mariner’s reported $435.3 million in total assets, $334.1 million in loans and $391.1 million in deposits, according to a news release. The merger will grow Elmwood Park-based Spencer to roughly $4 billion in assets, $3.1 billion in loans and $3.2 billion in deposits across 26 branches.
“With Spencer having such a strong presence in the Bergen County market and northern New Jersey, we plan to expand existing and develop new consumer and business relationships that will complement our local emphasis on serving our communities,” Guerrero said. “We are also very fortunate to retain many of Mariner’s staff members, which will help with the transition.”
Full integration of Mariner’s systems is expected to be completed in the first quarter of 2022.
Spencer was advised in this transaction by the investment banking firm of Piper Sandler & Co. and represented by the law firm of Locke Lord LLP. Mariner’s Bank was advised by The Kafafian Group and represented by the law firm of Windels Marx Lane & Mittendorf LLP.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and a former staffer at the Bergen Record.