Spencer Savings Bank and Mariner’s Bank on July 16 jointly announced that Spencer will acquire Edgewater-based Mariner’s Bank in an all-cash transaction.
Based on financials as of March 31, 2021, upon completion of the transaction the combined company will have approximately $4.0 billion in assets, $3.0 billion in gross loans, $3.1 billion in deposits and 26 branches throughout New Jersey.
The merger enhances and expands Spencer’s presence in eastern and northern Bergen County, with the addition of six full-service branch locations.
José Guerrero, chairman and chief executive officer of Spencer stated, “This opportunity brings together two community-focused companies. It enhances our business banking initiatives and facilitates our expansion into northern and eastern Bergen County. We are excited to welcome Mariner’s Bank team and customers and look forward to the opportunity to work with them.”
As of March 31, 2021, Mariner’s had approximately $414 million of total assets, $348 million of loans and $362 million of deposits.
Robert Baumann, president and CEO of Mariner’s Bancorp and Mariner’s Bank stated, “This transaction combines two strongly capitalized financial services companies. We are excited with our new partnership with Spencer and the opportunities for growth that it will provide for our employees and customers. The infrastructure that has been built at Spencer will enable our customers to access a strong product offering.”
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 Bancorp and Mariner’s Bank was advised by The Kafafian Group and represented by the law firm of Windels Marx Lane & Mittendorf LLP.