Savings bank

Spencer Savings Bank completes its merger

Spencer Savings Bank, SLA has announced the completion of its merger with Edgewater-based Mariner’s Bank in an all-cash transaction.

With this merger, Spencer added six full-service branches to its 20 existing financial centers located across New Jersey. 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 thrilled to join two community-driven banks that share a deep commitment to customers and local communities,” said Jose B. Guerrero, President and CEO of Spencer Savings Bank. “After months of planning and hard work, we are delighted to officially welcome the Mariner’s Bank team and clients to Spencer! The merger offers growth opportunities for both and positions Spencer well for continued success. “

As of September 30, 2021, Mariner’s Bank was reporting $ 435.3 million in total assets, $ 334.1 million in loans and $ 391.1 million in deposits. The merger will take 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 presence in the Bergen County and Northern New Jersey market, we plan to expand and develop new relationships with consumers and businesses that will complement our local focus on serving our communities. “Guerrero added. “We are also very fortunate to retain many of the Mariner staff, 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 investment banking firm Piper Sandler & Co. and represented by law firm Locke Lord LLP. Mariner’s Bank was advised by The Kafafian Group and represented by the law firm Windels Marx Lane & Mittendorf, LLP.

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