Spencer Savings Bank Distributes $400,000 to Community for Pandemic Relief, Helps Save Businesses with Over $15M in PPP Commitment

Elmwood Park, NJ, October 15, 2020 --(PR.com)-- Spencer Savings Bank recently distributed $400,000 to a variety of community members affected by the pandemic. A donation of $200,000 was made to local hospitals and nonprofits. Spencer was also able to provide, in conjunction with the Federal Home Loan Bank of NY, an additional $200,000 in grants to nonprofits and small businesses.

In addition to the above, Spencer Savings Bank also supported the small business community via the Small Business Administration Paycheck Protection Program (PPP). The team assisted 171 businesses, protected 1,100 jobs and originated $15.3 in PPP loans. Heart-warming thank you letters from these business customers were sent to the Spencer team expressing their deep gratitude for the strong assistance provided from the bank, which helped save so many businesses and jobs.

“We are extremely proud to have helped alleviate some of the financial burden so many of our local community members are now facing,” stated Jose B. Guerrero, Spencer’s Chairman, President and Chief Executive Officer. “Now more than ever our community needs our support. Our team rapidly came together, working throughout the government shutdown, to develop a plan to get the money out in the hands of those that needed it the most. We are deeply committed to the individuals, families and businesses in our local community and will continue to be there for them as we work through the recover and healing process together.”

Since the start of the COVID-19 pandemic, Spencer has been fully committed to supporting its customers and community through this difficult time. The bank continues to be one of New Jersey’s strongest community banks. It is this strength that the bank continues to capitalize on to help get the community through this pandemic.

About Spencer Savings Bank:
Spencer Savings Bank, a leading New Jersey-based community bank, has been serving its local communities with integrity and pride for more than 100 years. The bank has over $3 billion in total assets and operates 20 financial centers throughout New Jersey. Spencer specializes in delivering premier banking products and services for consumers and businesses. Visit SpencerSavings.com for more information.

For more information, contact:
Anita Guerrero (SSB): 201-703-3800 x 8421
VP, Corporate Communications Director