Spencer Savings Bank in Elmwood Park, N.J., has agreed to buy Mariner’s Bank in Edgewater, N.J.
The $3.6 billion-asset Spencer said in a press release Friday that it will pay cash for the $414 million-asset Mariner’s. The deal is expected to close in the fourth quarter.
Mariner’s has six branches, $348 million of loans and $362 million of deposits.
The deal is expected to be nearly 30% accretive to Spencer’s 2022 earnings.
“This opportunity brings together two community focused companies,” José Guerrero, Spencer’s chairman and CEO, said in the release. “It enhances our business banking initiatives and facilitates our expansion into northern and eastern Bergen County.”
Spencer was advised by Piper Sandler and Locke Lord. Mariner’s was advised by The Kafafian Group and Windels Marx Lane & Mittendorf.