Spencer Savings closes Mariner’s Bank merger

Spencer Savings Bank in Elmwood Park closed its all-cash merger with Edgewater-based Mariner’s Bank, according to a Nov. 18 announcement.

Spencer brought on six full-service branch offices to its existing 20 financial centers with the merger. Mariner’s Bank is concentrated in Bergen County, where Spencer has a significant presence.

“We are pleased to be joining two community-focused banks that share a deep commitment to its customers and local communities,” said Spencer Chairman and Chief Executive Officer Jose Guerrero in a statement on the merger. “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.”

DEPOSIT PHOTOS

As of Sept. 30, Mariner’s Bank reported $435.3 million in total assets, $334.1 million in loans and $391.1 million in deposits. The merger grows Spencer to approximately $4.0 billion in assets, $3.1 billion in loans, and $3.2 billion in deposits with 26 branches in the state.

“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.”

The full integration of Mariner’s systems is expected to be finished in early 2022.

In this transaction, Spencer Savings was advised 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.