Spencer Savings Bank, one of New Jersey’s leading community banks, is bringing its services to Middlesex County.
The bank, which is headquartered in Elmwood Park and has its biggest base of business in Bergen County, has been slowly expanding into other parts of the state in recent years. It now operates 27 branches in six North Jersey counties — including numerous locations in Union County.
In December, Spencer Savings will open its first financial center in Middlesex County, at 3900 Park Ave. in Edison.
“We are excited to be opening our doors in the beautiful town of Edison,” Chair and CEO Jose Guerrero said. “We look forward to building strong partnerships there and helping our Edison community grow and thrive.
“We are very proud to offer the Edison community the best that community banking has to offer — exceptional service delivered by highly qualified consultative bankers who are personally committed to building long-term customer relationships by understanding their client’s financial needs and aspirations and providing solutions from an innovative suite of business and consumer products/services.”
George Celentano, executive vice president and chief retail officer at Spencer, said the move into Middlesex fits with the bank’s mission.
“Middlesex County is one of the fastest growing counties in our footprint,” he said. “It has the second-largest market share of bank deposits in all of the 21 New Jersey counties. It’s a market that is flush with business and exactly the type of customer base we want to excel at serving and continue to grow with.”
Celentano said the strong small business community in Middlesex County helped draw Spencer Savings there.
“While Spencer, one of New Jersey’s leading community banks, has successfully grown over the past 100 years by primarily serving residents in the communities it serves, the bank continues to evolve and, over the past decade, has placed a strategic focus on growing the small business segment as well,” he said. “We believe that we can add real value here.
“Our small business segment is considered businesses with annual revenues between $1 million and $75 million. There are a lot of these types of businesses in Middlesex County that would be well-served by Spencer.”
The new 2,183-square-foot financial center will feature a contemporary design with an open, bright floor plan and the latest technology that features a drive-up facility and an interactive teller kiosk in the financial center that allows customers to self-serve or connect with bankers via video.
There also will be a team of banking professionals on hand in the financial center to help customers with more complex transactions and needs. The bank is highly committed to the communities it serves and will be offering, for free, the use of its conference room to businesses and community organizations in the Edison community. The financial center will also feature a business loan production office ready to assist the business community with all of their business and commercial loan needs.
Celentano said he anticipates there will be more locations for Spencer in Middlesex County.
“We’ve served the Union County market for decades and have had great success there,” he said. “Serving Middlesex County, the next contiguous county there, is the next natural step for us.
“It’s a great fit and we will be exploring additional locations in Middlesex County as our intentions are to grow in the area. Our leaders live and work in New Jersey and are deeply vested in growing the small business community here in the Garden State.”
