Spencer Savings Bank, Wawel complete merger

Spencer Savings Bank, based in Elmwood Park, announced recently that it has wrapped up its merger transaction with Wawel Bank.

Each shareholder of Garfield-based Wawel will receive $3.92 per share, which adds up to about $3.3 million in cash, Spencer said in a news release.

Spencer will acquire $71.9 million in total assets, $65.1 million in total deposits and $44.8 million in total loans under the deal.

The combined banks’ headquarters will be in Elmwood Park.