The newly combined bank, which will keep the Spencer Savings Bank name, will now have 15 locations in Bergen County. Spencer will now have 26 total locations – all but one of which is located in North Jersey.
José Guerrero will maintain his role as chairman and CEO. The bank will continue to be headquartered in Elmwood Park.
The transaction has been unanimously approved by the boards of directors of each company and is anticipated to be completed during the fourth quarter of 2021, subject to regulatory approvals, the approval of the shareholders of Mariner’s Bancorp and other customary closing conditions.
Based on financials as of March 31, the combined company will have approximately $4 billion in assets, $3 billion in gross loans and $3.1 billion in deposits. On a pro forma basis, the transaction is expected to be nearly 30% accretive to Spencer’s 2022 earnings.
Guerrero said the new bank will have impact.
“This opportunity brings together two community-focused companies,” he said. “It enhances our business banking initiatives and facilitates our expansion into northern and eastern Bergen County. We are excited to welcome Mariner’s Bank team and customers and look forward to the opportunity to work with them.”
In addition to the Bergen County locations, Spencer will have banks in Passaic (Clifton, Wayne), Essex (Nutley, North Caldwell), Morris (Parsippany), Union (Elizabeth, Cranford, Union, Westfield) and Mercer (Ewing).
Mariner’s Bank CEO Robert Baumann said the bank is excited by the possibilities.
“We are excited with our new partnership with Spencer and the opportunities for growth that it will provide for our employees and customers,” he said. “The infrastructure that has been built at Spencer will enable our customers to access a strong product offering.”
Spencer was advised in this transaction by the investment banking firm of Piper Sandler & Co. and represented by the law firm of Locke Lord LLP. Mariner’s Bancorp and Mariner’s Bank was advised by The Kafafian Group and represented by the law firm of Windels Marx Lane & Mittendorf, LLP.