Spencer Savings elevates Pedrick to SVP, director of home finance

Mercedes Pedrick has been promoted to senior vice president and director of home finance by Spencer Savings Bank, the Elmwood Park-based bank announced Tuesday.

Among her duties, Pedrick has assumed leadership of the newly formed Home Finance group, which provides financing on all 1-to-4-family properties.

Pedrick has 50 years of industry experience and was instrumental in starting Spencer’s Mortgage Division. She first began her career in banking at Valley Savings Bank in 1972, where she worked for almost 20 years as vice president of residential lending.

At Spencer, she continues to lead a strong team and remains passionate and committed to serving her mortgage customers with excellence by providing them with exceptional products and service as they navigate the mortgage process, Chairman and CEO Jose Guerrero said.

“In her 30-year tenure with the bank, Mercedes has been a dedicated key member of the lending leadership team, successfully growing the residential mortgage portfolio to its present $433 million level with outstanding credit quality, which has withstood many business cycles,” Guerrero said.