Elmwood Park-based Spencer Savings Bank, SLA and Edgewater-based Mariner’s Bank have entered into a definitive stock purchase agreement in which Spencer will acquire Mariner’s Bank in an all-cash transaction.
The merger will enhance and expand Spencer’s presence in Bergen County with the addition of six full-service branch locations. As of March 31, Mariner’s had approximately $414 million in assets, $348 million in loans, and $362 million in deposits.
The combined company, upon completion of the transaction, will have approximately $4 billion in assets, $3 billion in gross loans, $3.1 billion in deposits and 26 branches throughout New Jersey.
The boards of directors of each company have unanimously approved the transaction, which is anticipated to be completed during the fourth quarter of 2021, subject to regulatory approvals, the approval of Mariner’s Bancorp shareholders, and other customary closing conditions.
José B. Guerrero, chairman & CEO of Spencer Savings Bank, stated, “This opportunity brings together two community focused companies. 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.”
Robert Baumann, president and CEO of Mariner’s Bancorp and Mariner’s Bank stated, “This transaction combines two strongly capitalized financial services companies. We are excited with our new partnership with Spencer and the opportunities for growth that it will provide for our employees and customers. 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.
Spencer Savings Bank, SLA is a full-service, mutually organized and operated, community bank that has been serving its local communities with integrity and pride for more than 100 years. Spencer, serving consumers and businesses, operates 20 branches across New Jersey.
Mariner’s Bank is a state chartered commercial bank headquartered in Edgewater. The bank opened for business in 2001 and currently operates six Bergen County full-service banking offices in Edgewater, Cliffside Park, Cresskill, Dumont, Hackensack and Paramus.
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