Two New Jersey banks have merged.
Elmwood Park’s Spencer Savings Bank will acquire Garfield’s Wawel Bank in an all-cash transaction worth about $3.4 million, or $4 per publicly held share.
The agreement provides for a seamless and transparent transfer of deposits and loans from Wawel to Spencer, according to the announcement.
The merger was approved by both boards of directors, and is expected to close in the first quarter of next year.
“The acquisition provides an opportunity to expand in two of our core markets, gain access to additional resources, products and support services, while enhancing our commitment to the community,” Spencer Chairman, CEO and President Jose B. Guerrero said.
Wawel CEO Danuta Sieminski also expressed optimism.
“We are excited to be joining an organization with a familiar commitment to customer relationships and community banking. Spencer’s values and management are a source of confidence that decisions will be rooted in the best interest of our depositors and community,” Sieminski said.
