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Local Voices

Spencer Savings Bank Celebrates 75 Years of Community-Focused Banking with Donation and Customer Appreciation Days

ELMWOOD PARKNJ (June 10, 2014) – In 2014, Spencer Savings Bank marks its 75th year providing community-focused banking and financial services to residents and businesses in New Jersey. From its first branch opened in Garfield in 1939, with headquarters now in Elmwood Park, the bank has grown to include 19 branches throughout Bergen, Essex, Passaic, and Union counties. As it marks the occasion, Spencer is taking a look back at its history, and has planned a series of Customer Appreciation events throughout June with the theme “giving back to the community.” To honor this milestone, the bank will also be making a donation to Community Hope, the largest non-profit organization in the state of New Jersey dedicated to serving homeless veterans and veteran families.

“Since day one, Spencer has been here to help our customers achieve their goals” says José B. Guerrero, Chairman, President and Chief Executive Officer of Spencer Savings Bank. “That theme unifies our entire history –because in our view, every day is customer appreciation day. We make it a point to give back.” 

The bank has a long history in the region. In the wake of the Great Depression, the former Saddle River Township Building and Loan Association, founded in 1893, reorganized to form the beginnings of today’s Spencer: the Spencer Building and Loan Association. Initially, the organization focused on issuing home loans, which averaged about $935 in those days. In 1939, Spencer went on to leverage the federal deposit insurance opportunities, and was renamed the Spencer Savings and Loan Association. The bank as we know it today was officially born.

Since then, the trajectory has been one of growth, including a Wood-Ridge location opened in April of this year. While the range of services has expanded to include a full suite of modern banking solutions suited to the needs of modern residents and businesses, a hands-on approach to service is still emphasized. In addition, the bank notes a strong commitment to being an active part of its communities throughout its long history in the region.

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“Roots matter, because they mean experience and real insight into what makes our region strong,” Guerrero says. “We’ve been fortunate to help spark achievement and growth for many businesses and residents in the region, and we look forward to giving back to our communities for years to come.”

Free breakfast, lunch and commemorative gifts will be available during the bank’s Customer Appreciation Days at each branch, with dates planned from June 12-27. Customers are invited to stop by and enjoy the bank’s appreciation for their patronage and loyalty throughout the years. For more information, and branch-specific event details, please visit www.spencersavings.com. 

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About Spencer Savings Bank:

Spencer Savings Bank, a community bank headquartered in Elmwood Park, NJ, has been serving its local communities with integrity and pride for 75 years. The Bank, serving consumers and businesses, operates 19 branches throughout Northern New Jersey. Learn more at www.SpencerSavings.com.

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