Spencer Savings Bank, one of New Jersey’s leading community banks, recently celebrated the official opening of its financial center in Edison, New Jersey with a ribbon cutting ceremony. Edison Mayor Sam Joshi, and town officials, joined the bank in celebrating the new business location in Edison at 3900 Park Avenue. The Edison location is one …
Spencer Savings Bank, a leading New Jersey- based community bank, recently donated $15,000 to the Lyndhurst Board of Education to help Washington Elementary School after a fire destroyed a classroom located in their basement. The donation is being used to rebuild and purchase new school equipment. “Our team has been serving the Lyndhurst community for …
Spencer Savings Bank, a leading New Jersey-based community bank, is pleased to announce that Kashif Pervez has joined the bank as Vice President, Business Development Officer. Pervez brings over 25 years of commercial banking experience to the bank. In his new role, he will be focused on identifying and cultivating long-term profitable business relationships in …
Spencer Savings Bank is pleased to welcome MaryRose Genovese as Senior Vice President and Director of Retail Sales/Service. In her new role, Genovese will focus on consumer and small business growth across the bank’s New Jersey markets. She will lead the Retail Financial Center Network and Customer Service Center. Genovese is a seasoned bank executive …
Spencer Savings Bank is pleased to announce the appointment of Farrukh Qureshi as Vice President and Director of Internal Audit. In his new role, Qureshi will report to the Audit and Risk Committee of the board of directors. With over 25 years of experience in the financial services industry, Qureshi has a strong background in …
Spencer Savings Bank, a leading New Jersey-based community bank, donated $10,000 to the Research & Development (R&D) Council of New Jersey to help support their Governor’s STEM Scholars program. The students also enjoyed a great personalized event that featured a tour of the bank and dinner with senior management team members. The two scholars were …
Spencer Savings Bank is pleased to welcome Joseph Murphy as Vice President and Controller. Mr. Murphy will lead the accounting team in financial reporting, accounting operations, budgeting, profitability management and monitoring. He will oversee accounting controls in accordance with accounting and regulatory standards. “We are excited to welcome Joe to the Spencer team, and we …
Spencer Savings Bank, one of New Jersey’s leading community banks, is pleased to welcome Yuber Calzadilla as the new Financial Center Manager of Spencer Savings Bank’s Hackensack location. The financial center is located at 240 Essex Street in Hackensack, NJ. Yuber is responsible for leading and managing customer relationship development, local community engagement and the …
Spencer Savings Bank, one of New Jersey’s strongest community banks, is pleased to welcome Sergio Musacchio as Senior Vice President and Director of Small Business Finance. Musacchio will be overseeing the bank’s Small Business Lending division where he will implement new small business lending and deposit products while ensuring the bank’s strong credit culture is …
Introduction In the latter half of 2022 and the first half of 2023, the Federal Reserve embarked on an unprecedented rate hike cycle, raising interest rates from a historic low of 0.25% to 5.25%, in just 12 months. This aggressive monetary policy move, the fastest rate increases since the 1980s, has reverberated across financial markets …