Spencer Savings Bank is converting its charter, aiming to grow in existing and new markets, it announced Friday.
The bank, based in Elmwood Park, is converting from a New Jersey-chartered mutual savings association to a New Jersey-chartered mutual savings bank, it said in a news release. The move is part of its strategic plan, and should provide greater returning investments and loans, expanded lending and investment powers, and greater flexibility in operations.
“For more than 75 years, we have stayed focused on providing a bank that is financially strong and stable, with exceptional service to our customers and communities,” Jose Guerrero, chairman, CEO and president, said in a prepared statement. “With this change, we will be able to provide more products for our consumer, small business and commercial customers, grow the bank and better compete in our markets.”
The conversion must be approved by the bank’s members and regulators. It is expected to be completed in the third quarter.