With this all-cash transaction, Spencer adds six full-service branch offices to its existing 20 financial centers located throughout New Jersey. The Mariner’s Bank locations are concentrated in Bergen County, where Spencer was originally founded and has a significant presence over its 100-year history.
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As of Sept. 30, Mariner’s Bank reported $435.3 million in total assets, $334.1 million in loans and $391.1 million in deposits. The merger will grow Spencer to approximately $4 billion in assets, $3.1 billion in loans, and $3.2 billion in deposits, with 26 branches in New Jersey.
“We are pleased to be joining two community-focused banks that share a deep commitment to its customers and local communities,” Jose Guerrero, chairman and CEO at Spencer Savings Bank, stated in a news release. “After months of planning and hard work, we are excited to officially welcome both the Mariner’s Bank team and customers to Spencer! The merger provides growth opportunities for both and positions Spencer well for continued success.
“With Spencer having such a strong presence in the Bergen County market and northern New Jersey, we plan to expand existing and develop new consumer and business relationships that will complement our local emphasis on serving our communities. We are also very fortunate to retain many of Mariner’s staff members which will help with the transition.”
Full integration of Mariner’s systems is expected to be completed in the first quarter of 2022.
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 Bank was advised by the Kafafian Group and represented by the law firm of Windels Marx Lane & Mittendorf LLP.