Spencer Savings Bank SLA and Mariner’s Bancorp and Mariner’s Bank Announce the Signing of a Definitive Stock Purchase Agreement
July 16, 2021 / Elmwood Park, NJ and Edgewater, NJ – Spencer Savings Bank, SLA (“Spencer”) and Mariner’s Bancorp/Mariner’s Bank jointly announced today that they have entered into a definitive stock purchase agreement pursuant to which Spencer will acquire Mariner’s Bank in an all-cash transaction. Under the terms of the agreement, Mariner’s Bank will merge into Spencer, with Spencer the surviving entity.
The merger enhances and expands Spencer’s presence in Bergen County, New Jersey with the addition of six (6) full service branch locations expanding into eastern and northern Bergen County and bringing together two community focused banks. As of March 31, 2021, Mariner’s, headquartered in Edgewater, New Jersey, had approximately $414 million of total assets, $348 million of loans and $362 million of deposits. Based on financials as of March 31, 2021, the combined company upon completion of the transaction will have approximately $4.0 billion in assets, $3.0 billion in gross loans, $3.1 billion in deposits and 26 branches throughout New Jersey. On a pro forma basis, the transaction is expected to be approximately 28% accretive to Spencer’s 2022 earnings.
The transaction has been unanimously approved by the Boards of Directors of each company and is anticipated to be completed during the fourth quarter of 2021, subject to regulatory approvals, the approval of the shareholders of Mariner’s Bancorp, and other customary closing conditions.
José B. Guerrero, Chairman & Chief Executive Officer of Spencer Savings Bank, SLA stated, “This opportunity brings together two community focused companies. It enhances our business banking initiatives and facilitates our expansion into northern and eastern Bergen County. We are excited to welcome Mariner’s Bank team and customers and look forward to the opportunity to work with them.”
Robert Baumann, President and CEO of Mariner’s Bancorp and Mariner’s Bank stated, “This transaction combines two strongly capitalized financial services companies. We are excited with our new partnership with Spencer and the opportunities for growth that it will provide for our employees and customers. The infrastructure that has been built at Spencer will enable our customers to access a strong product offering.”
The Kafafian Group, Inc. advised Mariner’s Bancorp while legal counsel on the transaction for Mariner’s Bancorp was law firm of Windels Marx Lane & Mittendorf, LLP.