SPENCER SAVINGS BANK ANNOUNCES WINNERS OF SCHOLARSHIPS AND EDUCATION SAVINGS ACCOUNTS Elmwood Park, NJ (July 25, 2005) Spencer Savings Bank, headquartered in Elmwood Park, today announced the 26 students who have won scholarships and Coverdell Education Savings Accounts (CESAs). Spencer Savings Bank created this scholarship program to show its pride and commitment within its branch communities. In every town where Spencer Savings Bank has a branch, one $1,500 scholarship is given to a graduating senior and one $500 CESA is given to a graduating middle school student. For the fourth consecutive year, Spencer Savings Bank has shown its commitment to the community and the importance of higher education by providing students with an opportunity to achieve higher learning.   The program was sanctioned and judged by leaders within each school district. Those awarded the $1,500 scholarship are required to be enrolled in higher education as well as have a potential interest in business/finance. Those awarded with the CESA are required to possess exceptional leadership skills as well as community involvement. All of the winners were required to have maintained an outstanding grade point average (i.e. "A"). "We were so impressed with the depth and dedication of the young people who received these scholarships and CESA's," said José B. Guerrero, President and CEO of Spencer Savings Bank. "I wish these outstanding students the best that life can offer and the continued determination to achieve their dreams." Those awarded with $1,500 scholarships include: Geoffrey Goodell, Clifton High School; Alana Buonaguro, Cranford High School; Jordana Ornstein, Elizabeth High School; Dixie Harkhani, Memorial High School; Jeanette Milik, Garfield High School; Jennifer Terrible, Arthur L. Johnson High School; Darryl Love, Lodi High School; Ellen Cuertas, Lyndhurst High School; Mackenzie Leonard, West Essex Senior High School; Nicholas Principe, Nutley High School; Angelica Clark, Abraham Clark High School; Brian Wiseman, Saddle Brook High School; Nicholas Stavrakis, Union High School; and Danny Rodriguez of Wallington High School. Those awarded $500 CESAs include: Jigesh Mehta, Christopher Columbus Middle School; Molly Collier, Hillside Avenue School; Jennifer Alvarez-Otero, Theodore Roosevelt Middle School; Jacqueline Cividanes, Memorial Middle School; Daniel R. Maley, Garwood Public School; Jessica Tyrrell, Thomas Jefferson Middle School; Ryan Gilbert, Lincoln School; Michael Russin, West Essex Regional School; Nicole Iuzzolino, Franklin Middle School; Kataryzina Truszkowska, Saddle Brook Middle School; Karolina Puskarczyk, Burnet Middle School; and Edyta Wisniewska, Wallington Jr./Sr. School. Spencer Savings Bank hosted a dinner reception at one of its Garfield branches on June 29th to honor the winning students and their parents. The students received their scholarships and savings accounts and were recognized for their accomplishments. About Spencer Savings Bank: Spencer Savings Bank, headquartered in Elmwood Park, NJ, is a community bank serving its local communities with integrity and pride for more than 65 years.   The Bank serves local consumers and businesses by offering a full line of personal and business banking accounts, operating 16 branches throughout Northern New Jersey and providing electronic banking convenience via call center, Internet and a network of ATMs.   Spencer Savings Bank has over $1.7 billion in total assets.

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