Elmwood Park, N.J.-based Spencer Savings Bank SLA completed its acquisition of Garfield, N.J.-based Wawel Bank (MHC) on March 26.
According to the acquisition agreement, each shareholder of Wawel Bank stock will receive $3.92 per share. Spencer Savings Bank will pay aggregate consideration of about $3.3 million in cash for the 840,548 shares of Wawel Bank common stock. Spencer Savings Bank will acquire $71.9 million in total assets, $65.1 million in total deposits, and $44.8 million in total loans.
Full integration of Wawel Bank's systems with Spencer Savings Bank is expected to be completed in July. The headquarters for the combined banks will remain in Elmwood Park, New Jersey.
As of Dec 31, 2017, Spencer Savings Bank had $2.72 billion in assets, while Wawel Bank had $73.4 million in assets.