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  Coronavirus Update

We are offering a SBA Paycheck Protection Program to support our business customers. Read More

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. Among other forms of economic aid, the CARES Act provides businesses affected by COVID-19 with special assistance programs. One such Small Business Administration (SBA) program is the Paycheck Protection Program, which assists businesses with job retention and specific expenses. Spencer Savings Bank is proud to partner with FOUNTAINHEAD Commercial Capital / Small Business Finance, a top national SBA lender, to offer the Paycheck Protection Program for businesses in need. Click on the link below to fill out our short internal application form. After completing the form you will be directed to Fountainhead’s website with more information. Internal Application

When completing the application, on the Fountainhead website, please indicate Spencer Savings Bank as the FastTrack Partner, and as the Referral Partner’s email address.

President’s Message

Our President Message

To Our Valued Customers,

As the situation surrounding the Coronavirus (COVID-19) continues to unfold, we remain strongly committed to our customers, communities and employees. We continue to take precautionary measures to reduce the impact of the virus, making operational adjustments to keep everyone safe, while continuing to serve you. As a critical part of the nation’s economy, banks play an essential role and it is our mission to service our customers and continue to support our community through this difficult time.

This is a fluid and evolving situation. Many individuals and businesses are facing uncertainty and significant strain. Please know that our team is prepared to assist you in a variety of ways. If you are struggling financially as a direct result of COVID-19, please contact your local Financial Center Manager and speak with them about your needs. You can also contact our Customer Service Center team at (800) 363-8115 for assistance.

In order to both service our customers and minimize the potential spread of the virus, we will be providing lobby service in our financial centers by appointment only effective Monday, March 30, 2020. Appointments can be made between the hours of 9:00 a.m. to 5:00 p.m., Monday – Friday and 9:00 a.m. to 1:00 p.m. on Saturday. Financial centers with a drive-up facility will continue to operate as usual during the same hours above, Monday-Saturday. When possible, I encourage you to use the drive-up and/or seek assistance from the Customer Service Center to minimize direct contact.

We are committed to helping you through this difficult time by offering some financial relief. We have increased the daily limit on mobile check deposits to $5,000 and increased the ATM cash withdrawal limit to $800 per business day. For certificate of deposit customers, with financial hardship, we will waive the penalty for withdrawing funds prior to maturity and we will also waive the monthly minimum balance fee on all consumer checking accounts. Based on financial need for both consumers and businesses, charges for things like inadvertent overdrafts and late loan payments may also be waived for accounts otherwise in good standing. We have also created a special loan program for both consumers and businesses that are temporarily unable to make their loan payments. These accommodations are currently offered through June 30, 2020 and may be extended.

Spencer is one of New Jersey’s strongest community banks. We have been serving New Jersey communities for over 100 years and have weathered many economic cycles, remaining strong and stable. We were strong yesterday, we are strong today and we will be strong tomorrow.

I want to sincerely thank you for giving us the opportunity to continue to serve you and for placing your trust in Spencer Savings Bank. As a community bank, we will come together to help each other through this difficult time – it’s the community way. Our entire team stands ready to help you in whatever way we can. Our strength and stability, as a bank and as a community, will carry us through.

With best wishes,

Jose B. Guerrero
Chairman, President & CEO