Spencer Savings Bank announced Monday the closing of its merger with Wawel Bank.
The transaction closed on March 26 and full integration of Wawel Bank’s systems is expected to be completed in July.
Under terms of the agreement, each shareholder of Wawel Bank will receive $3.92 per share. Spencer Savings Bank will pay approximately $3.3 million in cash for 840,548 shares of Wawel Bank common stock.
Spencer Savings Bank will acquire $71.9 million in total assets, $65.1 million in total deposits and $44.8 million in total loans.
The headquarters for the combined banks will remain in Elmwood Park.