Spencer Savings Bank was recently honored with the “Company Of The Year” award, by the Gateway Regional Chamber of Commerce, at its 110th annual awards dinner at the Marriott Hotel in Newark, NJ. The bank was honored for its support given to the business community facing economic hardship due to the COVID-19 pandemic.

“We are very honored to receive the ‘Company Of The Year’ award from the Gateway Regional Chamber of Commerce”, stated Jose B. Guerrero, Chairman and CEO of Spencer Savings Bank. “America is small business and we are proud to have helped many business owners across the state of New Jersey keep their business doors open. We are also pleased to have created a strong partnership with the chamber that provides Spencer with the opportunity to help New Jersey businesses grow and succeed.”

Jim Coyle, President of the Gateway Regional Chamber of Commerce, was also honored at the dinner as he celebrated his 25th Anniversary with the chamber. He has done great work in leading and growing the organization and supporting business owners across the state. Under his leadership, the chamber has grown to become one of the largest regional chambers of commerce in the New York Metro region, with more than 1,200 members.

Spencer Savings Bank is a leading New Jersey-based community bank with 26 financial centers throughout New Jersey. In business for over 100 years, the bank has about $4 billion in assets and a team of nearly 300 banking professionals. The team specializes in delivering premier banking products and services for both consumers and businesses. The bank is headquartered in Elmwood Park, NJ and has locations in Union, Essex, Bergen, Passaic, Morris and Mercer counties.

Spencer’s pandemic assistance to the New Jersey community, including businesses, was fast and robust. Via the Small Business Administration Paycheck Protection Program (PPP), the bank administered millions in loans, protected over 1,000 jobs and assisted over 300 businesses in New Jersey. The team also worked tirelessly with current Spencer business borrowers to ensure their specific borrowing issues were resolved and a plan was put in place to help keep their businesses from shutting down. In addition to this, $400,000 was distributed in donations and grants to support relief efforts in the New Jersey community, including business owners.

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