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  Coronavirus Update

Spencer Savings Bank is committed to the safety, health and well-being of its customers and employees. Read More

Spencer Savings Bank is committed to the safety, health and well-being of its customers and employees. As the country continues to deal with the impact of the Coronavirus (COVID-19), we want to take a moment to assure the community that we are closely monitoring the situation which is continuously evolving.

In response to the latest situation regarding this public health crisis, we are temporarily modifying how we conduct business at our financial centers to help minimize the potential spread of the virus. Effective Monday, March 30, 2020, we will be providing lobby service in our financial centers by appointment only. To make an appointment, please call the financial center between the hours of 9:00am – 5:00pm, Monday – Friday and 9:00am – 1:00pm on Saturday. Financial centers with a drive-up facility will continue to operate as usual during the same hours listed above, Monday- Saturday. In the best interest of the public health, if you need to process a teller transaction and your financial center has a drive-up facility, we are asking you to process all teller transactions at the drive-up only. Please know that every effort is being taken to ensure that the bank is able to meet all of your needs while we continue to follow the recommendations from the health authorities.

In addition to taking extra precautions to maintain the cleanliness of our bank locations, we continue to update and educate employees on virus information, as well as reduce employee contact. Please know that the bank has a Pandemic Plan in place with procedures and guidelines for the staff to follow to continue with all business activity.

We would like to take this opportunity to remind customers that most banking transactions do not require a visit to an office. Spencer offers a variety of ways to access your accounts and manage your money without having to visit a financial center. Banking can continue from the comfort of your own home. Most transactions can be handled with a call to our Customer Service Center, with your mobile device, online or at an ATM. Many locations also offer drive through features. All of these options reduce public interaction for both the customer and employee. If you want to explore any of these options, please call your local financial center or our Customer Service Center at 1-800-363-8115.

We also urge all customers to be extra vigilant during this time as there are increased incidents of fraud surrounding the virus announcement. The FDIC has released educational articles regarding this topic with more information.

This is a fluid and evolving situation. We will continue to update you with any new information that becomes available. Our customers are the heart of our business. Thank you for giving us the opportunity to continue to serve you. Together, we will all take the necessary precautions to successfully manage through this difficult time.

Annual Meeting – January 23, 2020


Annual Meeting Photo

Notice is hereby given that pursuant to its Bylaws, the Annual Meeting of the members of Spencer Savings Bank, SLA. (the “Bank”) will be held on Thursday, January 23, 2020 at 9:00 a.m. local time at 454 Midland Avenue, Garfield, NJ 07026 for the purpose of considering and voting upon the following matters:

1. To elect as a director the following individuals for the term indicated and until his successor shall be duly elected and qualified:

Nicholas Lorusso (until the 2023 Annual Meeting)

Barry C. Minkin (until the 2023 Annual Meeting)

2. To transact such other business as may properly be presented at the meeting.

Savings Members of record age 16 and older of the Bank at the close of business on November 23, 2019 who continue to be Savings Members through the date of the Annual Meeting and Borrowing Members at the close of business on November 23, 2019 who continue to be Borrowing Members through the date of the Annual Meeting may each vote at the Annual Meeting in person or by proxy. All proxies must be filed with the Corporate Secretary of Spencer Savings Bank, SLA at 611 River Drive, Center 3, Elmwood Park, NJ 07407 by 5:00 p.m. local time on Monday, January 13, 2020.

Savings Members of record are entitled to one vote for each $100.00, or fraction of $100.00, of the value of his or her savings account and Borrowing Members of record are entitled to one vote; but in no event will any Member have more than 1,000 votes at the Annual Meeting regardless of the number or types of savings accounts or the value of savings accounts standing in his or her name. If any one savings account is held by two or more persons jointly, only that number of votes as determined in the preceding sentence will be allowed on such savings account; provided, however, that no more than a maximum of 1,000 votes will be allowed on a savings account held by two or more persons jointly.