Spencer Savings grows commercial, industrial lending leadership

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To meet growing demand, Spencer Savings Bank said it recently expanded its Commercial and Industrial lending team.

On Jan. 8, the Elmwood Park-based community bank said Sid Vaidya joined the SSB team as vice president and commercial and industrial relationship manger.

Vaidya will be based in Union County, providing solutions to small and mid-sized companies. He brings a background in credit analysis and focus on relationship management to the new role, SSB said, with more than a decade of experience in the commercial lending field.

“We are excited to welcome Sid to the Spencer team. He has strong business development skills and extensive industry knowledge,” said Senior Vice President and Director of Commercial and Industrial Lending Juan Oelofse in a prepared statement. “Spencer’s success has always been rooted in the ability to build strong, long-lasting relationships with our clients and Sid’s passion for the client is a perfect match with our company philosophy.

“He understands the winning formula that has made Spencer great – complete client focus and care while simultaneously providing expertly tailored solutions, fair pricing, expedited turnarounds and local decision making – and is excited to join this winning team,” Oelofse added.

Vaidya is a board member of the Boys & Girls Club of Union County, co-chair of the Corporate Growth Conference Awards for the Association for Corporate Growth and, SSB said, a frequent speaker at state-based universities on topics including networking and self-development.

As of Sept. 30, 2019, Spencer Savings Bank has $3 billion in total assets and as of Jan. 9, 2020, operates 22 branches in the state.