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SPENCER SAVINGS BANK ANNOUNCES WINNERS OF COLLEGE SCHOLARSHIPS AND EDUCATION SAVINGS ACCOUNTS

ELMWOOD PARK, NJ (July 7, 2009) – Spencer Savings Bank, headquartered in Elmwood Park, has awarded $21,000 in scholarships to exceptional graduating high school and middle school students for the 2009 academic year. Scholarships were awarded in every town across the branch footprint. The students were chosen based on rigorous criteria which included an outstanding GPA, a history of community involvement, leadership and having a potential future in the business or finance fields. Two scholarships were awarded in each town, $1,000 to a graduating high school senior, and a $500 Coverdell Education Savings Account (CESA) to a graduating middle school student.

Continuing its dedication to the community, Spencer is committed to its support of higher education for young individuals. The Spencer Scholarship Program, introduced in 2002, has awarded 185,000 since its inception.

"Spencer Savings Bank is extremely proud of these outstanding students and we want to honor them for their accomplishments," said José B. Guerrero, President, Chairman and CEO of Spencer Savings Bank. "Our future depends on these bright individuals and we, at Spencer, look forward to their contributions to our community."

On July 1st, Spencer Savings Bank hosted a reception for the winning students and their families at its branch office in Elmwood Park. The students were presented with their awards and were honored for their accomplishments.

Those awarded $500 CESA accounts include: Dania Niwash of Christopher Columbus Middle School in Clifton, Kevin Williamson of Hillside Avenue School in Cranford, Nicole Neto of Theodore Roosevelt Middle School in Elizabeth, Cibelle Burgos of Elmwood Park Memorial Middle School, Emily Torres of Lincoln Middle School in Garwood, Kelly Hannavi of Thomas Jefferson Middle School in Lodi, Brandon Leone of Washington Elementary School in Lyndhurst, Jillian Crooks of West Essex Junior High School in North Caldwell, Daniel Martin of John H. Walker Middle School in Nutley, Velckys Canales of Abraham Clark High School in Roselle, Elizabeth Guillen of Saddle Brook Middle School, Kimberly Gomes of Burnet Middle School in Union, and Jakub Lipczyk of Wallington Jr / Sr High School.

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 call 800-363-8115.