Savings bank

Spencer Savings Bank completes merger with Mariner’s Bank

Elmwood Park-based Spencer Savings Bank has completed its merger with Edgewater-based Mariner’s Bank, financial institutions said Thursday.

With this all-cash transaction, Spencer adds 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.

As of September 30, 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 roughly $ 4 billion in assets, $ 3.1 billion in loans and $ 3.2 billion in deposits, with 26 branches in New Jersey.

“We are thrilled to join two community-driven banks that share a deep commitment to its customers and local communities,” said Jose Guerrero, President and CEO of Spencer Savings Bank, in a press release. “After months of planning and hard work, we are delighted to officially welcome the Mariner’s Bank team and customers to Spencer! The merger offers growth opportunities for both and positions Spencer well for continued success.

“With Spencer having such a presence in the Bergen County and Northern New Jersey market, we plan to expand existing relationships and develop new relationships with consumers and businesses that will complement our local focus on service. to our communities. 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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