ELMWOOD PARK, N.J.--(BUSINESS WIRE)--Spencer Savings Bank today announced the closing of its merger transaction with Wawel Bank. The transaction closed on March 26, 2018. Full integration of Wawel Bank’s systems is expected to be completed in July.
Pursuant to the merger agreement, each shareholder of Wawel Bank stock will receive $3.92 per share. Spencer Savings Bank will pay aggregate consideration of approximately $3.3 million in cash for the 840,548 shares of Wawel Bank common stock.
Spencer Savings Bank 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.
For more information about the acquisition of Wawel Bank, shareholders and customers can visit www.spencersavings.com.
About Spencer Savings Bank:
Spencer Savings Bank, a community bank headquartered in Elmwood Park, NJ, has been serving its local communities with integrity and pride for more than 75 years. The bank, serving consumers and businesses, operates 21 branches throughout New Jersey.