To Our Valued Customers, Friends and Community:
These last few months have been extremely difficult for many. Our hearts go out to all our customers, friends and members of our cherished communities who have been impacted by the COVID-19 virus. As you know we remained open during the shutdown, and each day we heard difficult stories about how the virus was impacting our community. At the same time, we have also witnessed great resiliency. There is undoubtedly a strength, like no other, that we see all throughout New Jersey in the communities we serve.
Recently, our communities began the reopening process. We’d like to remind you that all our lobby areas are fully accessible now. We want to assure you that we are taking all the necessary steps to keep you safe. Please visit our website homepage and review the important update section for a list of new safety practices and protocols recently implemented.
At Spencer, we continue to remain committed to supporting you through this difficult time. We never stopped serving you throughout the shutdown and will continue to remain by your side. We are proud to announce that we have donated $200,000 to local hospitals, nonprofits and first responders to help them with their pandemic relief and recovery efforts. We are extremely proud to reinvest in our communities.
In conjunction with the Federal Home Loan Bank of NY, we were also able to provide an additional $200,000 in grants to nonprofits and small businesses. These nonprofits provide essential services to our communities by providing social services, youth development, housing and assistant living services to individuals in need. And, our small businesses in the community have been especially hard hit with many near the brink of closing. Collectively, our team worked hard and came together to organize and distribute $400,000 to a variety of community members affected by this pandemic.
We know and understand that many individuals and businesses are still facing significant strain. Rest assured, we will continue to work with both our consumer and business customers to provide a variety of financial relief options to those experiencing financial hardship. We are also proud to have been able to provide our business community some financial relief via the Small Business Administration Paycheck Protection Program (PPP). Our team has assisted 171 businesses, protected 1,100 jobs and originated $15.3 million in PPP loans.
Spencer is one of New Jersey’s strongest community banks. Over the decades, our strength and stability has carried us through many economic cycles. We are a fabric of the community and continue to grow and thrive, staying true always to our mission and values laid out for us 100 years ago. We are excited about the future and continue to make significant investments into the areas of technology, products, services and talent. We proceed with great vision, a commitment to excellence and a clarity in knowing what is most important to us here – our customers, our community’s well-being, and businesses that make it a great place to live and work.
We are so thankful for your business, your partnership and friendship, your trust. Together, we will continue to be there for you as you transition through the recovery and healing process. We hope that you and your loved ones remain safe and well.
With best wishes,
Jose B. Guerrero
Chairman, President & CEO