Introduction In the latter half of 2022 and the first half of 2023, the Federal Reserve embarked on an unprecedented rate hike cycle, raising interest rates from a historic low of 0.25% to 5.25%, in just 12 months. This aggressive monetary policy move, the fastest rate increases since the 1980s, has reverberated across financial markets …
Spencer Savings Bank, one of New Jersey’s leading community banks, is preparing to open a new financial center in Edison, NJ. The new financial center is anticipated to open in December and will be located at 3900 Park Ave. (Ste. 108). The Edison location is one of 27 full-service Spencer Savings Bank financial centers located …
Spencer Savings Bank, one of New Jersey’s leading community banks, is pleased to welcome Kama Patel as the new Edison Assistant Financial Center Manager. The financial center, located at 3900 Park Avenue, recently opened its doors to the Edison community. Kama will be responsible for providing exceptional customer service while attending to customers’ banking needs …
Spencer Savings Bank, one of New Jersey’s leading community banks, is pleased to welcome Jorge Garcia as the Financial Center Manager of its new Edison location. The financial center, located at 3900 Park Avenue, opened its doors to the Edison community this week. Garcia is responsible for leading and managing customer relationship development, local community …
The Senate and General Assembly of the State of New Jersey recently recognized Spencer Savings Bank, highly esteemed throughout the Garden State, for promoting academic excellence through its scholarship program. Assemblyman Gary S. Schaer recently visited the bank to present Jose B. Guerrero, Spencer’s CEO and Chairman, and the Executive Management team with the Proclamation …
Spencer Savings Bank, one of New Jersey’s leading community banks, is pleased to welcome Jesse Oliver as Vice President, Small Business Relationship Manager. He assumes the role within the Bank’s Small Business Finance division, which was recently launched this past year and is experiencing great success. The division implemented new small business lending products while …
We had a wonderful fall weekend with our Westfield community! The bank was proud to partner with the Westfield YMCA to host a free movie night for families in Westfield. Our team sold freshly popped popcorn and cool refreshments, with all proceeds benefitting the Westfield YMCA Strong Kids+ Annual Support Campaign! The campaign ensures that …
Spencer Savings Bank is pleased to announce that it has awarded $37,500 in scholarships to local high school graduates. The scholarships are bestowed yearly to exceptional students in New Jersey. The students each received a $1,500 scholarship for college tuition assistance. Since the commencement of the bank’s scholarship program in 2002, over $600,000 in scholarships …
Congratulations to our entire team on recently receiving an “Outstanding” CRA rating from the Federal Deposit Insurance Corporation (FDIC)! The Community Reinvestment Act (CRA) encourages banks to help meet the credit needs of the communities they serve, including low and moderate income (LMI) neighborhoods. An “Outstanding” rating signifies the bank has an outstanding record of …
Spencer Savings Bank is pleased to announce the promotion of Mercedes Pedrick to Senior Vice President and Director of Home Finance. Mercedes has assumed leadership of the newly formed Home Finance group, which provides financing on all 1-4 family properties. “We are pleased to announce the promotion of Mercedes M. Pedrick to Senior Vice President …