Spencer Savings Bank, a community bank headquartered in Elmwood Park, N.J., has announced, it has completed its acquisition of NJM Bank, and the conversion of accounts are complete effective with the December 5, 2014 closing of the transaction.
Spencer Savings Bank announced in June its plans to purchase the assets and liabilities of NJM Bank. Since that time Spencer Savings Bank has worked closely with NJM Bank to ensure a seamless transition for NJM customers. As of December 5, 2014, all accounts have transitioned to Spencer. With completion of this conversion, NJM Bank will permanently close its branches located at 301 Sullivan Way, West Trenton and 840 12th Street, Hammonton. However, Spencer Savings Bank will continue to operate NJM Bank’s Parsippany branch, located at 1699 Littleton Road, Parsippany, NJ 07054, as a fully-staffed banking location, which further expands its reach and service into Morris County.
“This acquisition comes at an exciting time, as we celebrate 75 years of faithfully serving New Jersey’s communities and neighborhoods with integrity and pride as one of the state’s strongest community banks,” stated Jose B. Guerrero, President, Chairman and CEO of Spencer Savings Bank. “We welcome NJM Bank customers to the Spencer Savings family as we increase our footprint within New Jersey and enhance our online banking capabilities to better meet our customers’ diverse banking needs.”
Spencer Savings Banks has been a cornerstone in the communities it serves, supporting its local businesses and workforce initiatives as well as numerous civic groups, charitable organizations and youth groups for the past 75 years. Spencer Savings Bank proudly operates 20 branch locations throughout Bergen, Essex, Morris, Passaic, Union counties. A full list of branch locations can be found at: www.spencersavings.com/locations. Resources for recently transitioned NJM Bank customers can be found at: www.spencersavings.com or contact the Customer Service Center at 1-800-363-8115.