At a shareholders meeting Monday, both banks agreed that Wawel MHC will dissolve and Wawel Bank’s two branches in Wallington and Garfield will become part of Spencer Savings Bank. Spencer already has 21 branches throughout the state. The merger should be completed by the end of this month.
Services to customers of Wawel Bank, which has been operating since 1920, should not be disrupted during the transition, according to an announcement from both banks.
“The merger allows us to expand in two of our core markets,” said Jose Guerrero, CEO of Spencer Savings Bank, in a prepared statement. “We have a similar relationship-based approach to banking, with similar cultures and core values.”