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President’s Message

Dear Customer,

As a local bank, it’s important to have deep roots. At Spencer, we’ve been helping New Jersey residents and businesses grow for 75 years. We take true pride in having been there for generations. Roots matter, because they mean experience. They mean real insight into what makes our communities strong. Most importantly, they signify ongoing commitment to being there when you need us most.

Spencer has a long history in New Jersey. In the wake of the Great Depression, the former Saddle River Township Building and Loan Association, founded in 1893, reorganized to form the beginning of today’s Spencer. Initially, the organization focused on issuing home loans, which averaged about $935 in those days. While the Great Depression took its toll on us as most others, we reemerged with the Spencer name – and fully dedicated to helping rebuild a vibrant, prosperous community after those difficult years.

In 1939, Spencer went on to leverage the federal deposit insurance opportunities, and was renamed the Spencer Savings and Loan Association, completing the foundation of the bank you know and trust today. Our first branch opened its doors in Garfield.

Since then, we’ve expanded to encompass 21 financial centers throughout Bergen, Essex, Passaic, Mercer, Morris and Union Counties, along with lending solutions that span the state. That dedication – that insistence on working diligently for our customers – says something about the Spencer ethos. We’re here when you’re ready to pursue that next opportunity. We’re here when challenges arise. And we’ll be here working hard on your behalf for years to come.

At Spencer, we’re extremely proud of our long history because it means always being here when you need us – a promise that will continue for years to come. Our community is an amazing place to live and work, and we’re honored to be a part of it.


José B. Guerrero
Chairman, President & CEO