Dear Customer,

 

Recent national economic news has been very troubling for many sectors of our economy. Uncertainty about consumer and business lending, and large fluctuations in the stock market have caused a great deal of concern.

We want you to know Spencer is still providing financing to our consumer and business customers. Our capital position is three times what bank regulators require, and we have declined receiving any capital assistance from the government.

As a member of the FDIC, your deposits are protected at the maximum level possible.  The FDIC has temporarily increased deposit insurance coverage, effective through December 31, 2009 . Maximum limits have been increased from $100,000 to $250,000 per depositor. Additionally, insurance coverage for personal and business checking accounts that do not earn interest has now been extended to cover the entire balance in the account.

Serving New Jersey communities for more than 70 years, Spencer remains one of New Jersey ’s strongest community banks with total assets exceeding $1.9 billion.

We are strong today and we will be strong tomorrow, as we continue to serve you and your family for generations to come. Your confidence is what drives our success and, in turn, our service to you.

Sincerely,

José B. Guerrero
Chairman, President & CEO