Spencer Savings Bank completed its merger with Wawel Bank. Full integration of Wawel Bank’s systems into Spencer is expected to be completed in July 2018.
Pursuant to the merger agreement, each shareholder of Wawel Bank stock will receive $3.92 per share. Spencer will pay aggregate consideration of approximately $3.3 million in cash for the 840,548 shares of Wawel Bank common stock.
Spencer will acquire $71.9 million in total assets, $65.1 million in total deposits and $44.8 million in total loans.
The headquarters for the combined banks will remain in Elmwood Park, NJ.
Spencer Savings currently operates 21 branches throughout New Jersey.
