Spencer Savings Bank has signed an agreement with New Jersey Manufacturers Insurance Company (NJM) to acquire NJM Bank for an undisclosed sum.
West Trenton-headquartered NJM Bank manages a branch network of three offices located at corporate headquarters, Hammonton, and Parsippany, New Jersey.
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As of 31 May 2014, NJM Bank, on a consolidated basis, reported total assets of $605.8m, total loans in the amount of $295.6m, and total deposits of $458.9m.
Commenting on the transaction, Spencer Savings Bank president, chairman and CEO Jose Guerrero said, "Both banks have a proven track record of exceptional customer service, strong financial performance, and the support of their respective communities"
"This agreement will enable Spencer to increase its footprint within New Jersey, while enhancing our online banking capabilities. NJM Bank’s book of business is a natural fit for our expansion in New Jersey," Guerrero added.
The boards of directors of both NJM Bank and Spencer have approved the purchase agreement; however, the transaction still require approvals from state and federal regulatory agencies. It is expected to conclude during the fourth quarter of 2014.
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