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spencersavings.com

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1

About Spencer Savings Bank

Spencer Savings Bank is a full service, mutually owned and operated community bank. It meets the full range of individual, business, commercial, and municipal banking needs through its broad menu of banking products and services. From basic personal checking services and small business products to financing expertise on multi-million dollar properties and commercial enterprises, Spencer's banking capabilities are on par with those of the larger regional and national banks.

Spencer Savings Bank Headquarter Location

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Latest Spencer Savings Bank News

Spencer Savings Bank Closes On Merger With Mariner’s Bank

Dec 1, 2021

November 18, 2021 08:00 AM Eastern Standard Time ELMWOOD PARK, N.J.--( BUSINESS WIRE )--Spencer Savings Bank, SLA today announced the closing of its merger with Edgewater-based Mariner’s Bank in an all-cash transaction. With this merger, Spencer added six full-service branch offices to its existing 20 financial centers located throughout New Jersey. The Mariner’s Bank locations are concentrated in Bergen County where Spencer was originally founded and has a significant presence over its 100-year history. “We are pleased to be joining two community-focused banks that share a deep commitment to its customers and local communities,” stated Jose B. Guerrero, Chairman and Chief Executive Officer at 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 September 30, 2021 Mariner’s Bank reported $435.3 million in total assets, $334.1 million in loans and $391.1 million in deposits. The merger will grow Spencer to approximately $4.0 billion in assets, $3.1 billion in loans, and $3.2 billion in deposits with 26 branches in New Jersey. “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,” added Guerrero. “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. About Spencer Savings Bank, SLA Spencer Savings Bank, SLA, headquartered in Elmwood Park, New Jersey, is a full service, mutually organized and operated, community bank that has been serving its local communities with integrity and pride for over 100 years. Spencer, serving consumers and businesses, operates 26 branches across New Jersey. For additional information about Spencer Savings Bank, SLA, please visit http://www.spencersavings.com . Contacts

Spencer Savings Bank Acquisitions

2 Acquisitions

Spencer Savings Bank acquired 2 companies. Their latest acquisition was Mariner's Bank on November 18, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/18/2021

$99M

Acquired

3

11/3/2017

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$99M

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10

Date

11/18/2021

11/3/2017

Investment Stage

Companies

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Valuation

$99M

$99M

Total Funding

Note

Acquired

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Sources

3

10

Spencer Savings Bank Partners & Customers

1 Partners and customers

Spencer Savings Bank has 1 strategic partners and customers. Spencer Savings Bank recently partnered with Westfield on .

Date

Type

Business Partner

Country

News Snippet

Sources

Vendor

Australia

Spencer Savings Bank Selects Westfield, N.J. as Site of New Banking Concept Spencer Savings Bank Selects Westfield, N.J. as Site of New Banking ConceptApril 11, 2018.

Spencer Savings Bank , a community bank headquartered in Elmwood Park , N.J. , has selected Westfield , N.J. as the site for its new , technologically advanced `` Financial Center '' , a unique combination of a banking center and loan production office .

1

Date

Type

Vendor

Business Partner

Country

Australia

News Snippet

Spencer Savings Bank Selects Westfield, N.J. as Site of New Banking Concept Spencer Savings Bank Selects Westfield, N.J. as Site of New Banking ConceptApril 11, 2018.

Spencer Savings Bank , a community bank headquartered in Elmwood Park , N.J. , has selected Westfield , N.J. as the site for its new , technologically advanced `` Financial Center '' , a unique combination of a banking center and loan production office .

Sources

1

Spencer Savings Bank Team

1 Team Member

Spencer Savings Bank has 1 team member, including former Senior Vice President, Walter Dwyer.

Name

Work History

Title

Status

Walter Dwyer

Senior Vice President

Former

Name

Walter Dwyer

Work History

Title

Senior Vice President

Status

Former

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