Spencer closes on largest loan in its history

Spencer Savings Bank, based in Elmwood Park, announced it has secured the largest single transaction in its history, closing on a $22 million loan for a New York manufacturer.

The undisclosed borrower is a $300 million revenue global manufacturer based in New York City, the bank said in a news release, with 7,000 worldwide employees and its main operations in the U.S. The loan was a mortgage securing a distribution facility.

“We were delighted to have the opportunity to provide a substantive financing for such a well-managed global company,” John Duncan, executive vice president and chief lending officer, said in a prepared statement. “We worked very closely with the company to structure a credit package, which matched their long-term financing requirements.”