Investment Banking - Spencer Savings Bank, SLA
Transactions | Banking
Client: Spencer Savings Bank, SLA
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor
- NJM Bank FSB (“NJM Bank”), a $460 million asset banking subsidiary of New Jersey Manufacturers Insurance Company (“NJM”), provided deposit and loan services to commercial and personal banking customers primarily in the state of New Jersey.
- NJM Bank was founded in 1999 to provide value-added banking services to the policyholders of NJM and to the general public. Due to the changing regulatory environment, NJM determined that an orderly transition out of the banking business was the best course of action for their company.
- Spencer Savings Bank, SLA (“Spencer”), a $2.1 billion in assets mutual savings bank headquartered in Elmwood Park, New Jersey, was contacted by NJM to determine their interest in purchasing substantially all of the assets and liabilities of NJM Bank (the “Transaction”), including approximately $290 million in loans and $390 million in deposits.
- The Transaction was appealing to Spencer as it would increase its footprint within New Jersey, while enhancing its online and mobile banking capabilities and acquiring a stable base of deposits.
- Boenning served as financial advisor to Spencer Savings Bank, SLA.