NJ-based Spencer Savings Bank acquires in-state peer Mariner's Bancorp, unit

Elmwood Park, N.J.-based Spencer Savings Bank SLA completed its acquisition of in-state peer Mariner's Bancorp's unit Mariner's Bank in an all-cash deal.

Upon completion of the deal, Spencer added six full-service branches, concentrated in Bergen County, to its existing 20 financial centers in New Jersey.

The combined company will have approximately $4.0 billion in assets, $3.1 billion in gross loans and $3.2 billion in deposits, according to a press release.

Investment bank Piper Sandler & Co. advised Spencer on the transaction, and law firm Locke Lord LLP represented the bank.

Mariner's Bancorp and Mariner's Bank were advised by The Kafafian Group and represented by Windels Marx Lane & Mittendorf LLP.