Spencer Savings Bank, SLA, has closed on its merger with Mariner’s Bank in an all-cash transaction.

The merge adds six full service branch offices to Spencer’s existing 20 financial centers throughout New Jersey. Mariner’s Bank reported $435.5 million in total assets, $334.1 million in loans and $391.1 million in deposits. As a result of the merger, Spencer will grow to a combined $10 billion in assets, debt and deposits under management.

“With Spencer having such a strong presence in the Bergen County market and northern New Jersey, we plan to expand existing and develop new consumer and business relationships that will complement our local emphasis on serving our communities,” added Jose Guerrero, chairman and CEO at Spencer.

Spencer was advised in this transaction by the investment banking firm of Piper Sandler & Co. and represented by the law firm of Locke Lord LLP. Mariner’s Bank was advised by The Kafafian Group and represented by the law firm of Windels Marx Lane & Mittendorf, LLP.