SPENCER SAVINGS BANK, SLA ANNOUNCES BOARD OF DIRECTOR ELECTION RESULTS
Bank Stands Strong Despite Economic Downtown
ELMWOOD PARK, NJ – (Jan. 22, 2009) – Spencer Savings Bank, SLA members today re-elected two directors to serve on the institution’s Board of Directors. At the annual meeting, board members Albert D. Chamberlain and Peter J. Hayes were both re-elected to serve three-year terms beginning on January 22, 2009.
“The past year presented many challenges to the banking industry,” said José B. Guerrero, Chairman, President and Chief Executive Officer. “By sticking to the fundamental basics of banking, Spencer has maintained its long-standing position of financial stability and trust as a strong community partner. No matter what is taking place in the world markets, Spencer Savings Bank will operate with the same level of integrity and financial prudence on which the company was founded.” Guerrero continued, “We are very pleased to announce the re-election of such qualified and dedicated individuals to our Board of Directors. I look forward to working with them, along with the rest of the Board and management team in 2009.”
Albert D. Chamberlain was employed at Spencer Savings Bank, SLA from 1993 to 2005 where he last held the position of VP & Treasurer. He retired from Spencer in March 2005. Mr. Chamberlain’s banking career spans 50 years and includes extensive knowledge in investment management, treasury activities and retail operations. He served on the Board of the Elizabeth Rotary Club and Rahway YMCA. Mr. Chamberlain has been a Board member since 2006.
Peter J. Hayes is the recently retired COO of Variety Wholesale Inc. He was awarded the Off-Price Apparel Association’s “2008 Man of the Year” award. He was formerly President & CEO of Family Dollar, Inc., President & CEO of Child World and Chairman & CEO of Gold Circle. He has many years of experience as a retail executive and has served on many retail companies’ Boards since 1985. He is very active in community services such as St. Jude’s Children’s Research Hospital, the building fund for the Wake County Hospice and the Brain Center (New Seabury, MA). Mr. Hayes has served on Spencer’s Board since 2002.
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 nearly 70 years. The Bank serves local consumers and businesses by offering a full line of personal and business banking products and services, operating 18 branches throughout northern New Jersey and providing electronic banking convenience via a call center, the Internet, and a network of ATMs. Spencer Savings Bank has more than $1.9 billion in total assets. For more information, visit Spencer’s Web site at www.spencersavings.com or call 800-363-8115.
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