An introduction to Spencer Savings Bank

Spencer Savings Bank is a mutually-owned and operated, community bank headquartered in Elmwood Park, New Jersey and has been in operation for over 100 years. Spencer has grown to acquire more than $1.9 billion in assets and 18 branch offices throughout North Jersey. The bank has grown by almost $860 million since 2000, at a rate of approximately 10% per year.

History

Spencer Savings Bank was originally founded in 1893 as the Saddle River Township Building and Loan Association. With a primary mission to assist its New Jersey members acquire and finance homes by approving small and medium-sized first mortgages, it arranged around 40 mortgages in its first 20 years of operation. At this time, the average mortgage loan was $935. The Great Depression hit the association hard and it was forced to liquidate its assets in 1939 in order to stay solvent and it was reincorporated as the Spencer Building and Loan Association. In 1950, the name was modified to Spencer Savings and Loan Association. The Bank's first headquarters was located on Passaic Street in Garfield and the first branch office was opened in Lodi in 1955. Expansion followed and the branch at Outwater Lane in Garfield was opened to the public the following year. The Wallington branch was opened in 1960 and Saddle Brook quickly followed in 1961. The year 1976 saw the Bank open in Clifton followed in 1977 by the Lyndhurst office. In 1980, a second office was opened in Saddle Brook and five years later, The River Drive, Garfield branch was added. In 1988, Spencer Savings Bank acquired the Elmora Savings and Loan Association. This association was made up of four offices, two of which Spencer subsequently closed. So, the Magie branch in Union and Bayway branch in Elizabeth were the final operational result of this acquisition. In 1994, the Bank continued to expand with a branch office in Nutley. The Bank relocated its corporate headquarters to Elmwood Park in 2002. Since 2002, seven new branches have opened in Cranford, Garwood, North Caldwell, Roselle, Elmwood Park, Wayne and second branch office in Clifton.

Local connection

The bank is proud of its roots as a community bank and in addition to its banking services it also gives support to civic groups, charitable organisations and youth programs. In May 2011, Spencer Savings Bank was awarded the 'Corporate Sponsor' award from the Garfield YMCA during the local non-profit organisation's 85th anniversary celebration. The Bank was recognised for generously supporting and investing in the community organisation's efforts to promote youth development, healthy living, and social responsibility.