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River Drive Center 3 - 611 River Dr
Elmwood Park, NJ 07407

Spencer Savings Bank is headquartered in Elmwood Park and is the 14st largest bank in the state of New Jersey. It is also the 357th largest bank in the nation. It was established in 1939 and as of December of 2013, it had grown to 223 employees at 19 locations. Spencer Savings Bank 's savings rates are 54% higher than the national average, and it has a A health rating.

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Reviews (1)

Threatened To Take Our Money.

Beware, as an account holder I was asked for ID and why I needed the balance on our account? I politely said the other party is deceased. Then I was told that due to the death of other named party they will seize and hold half of the account. I inquired about a CD that was there in both names and was told that they can charge a fee to close it out, and then I was told no fee will be charged. Make up your mind !!! If I get any more trouble I will retain an attorney and sue them for this. It will only add to there legal woes they have already.


Data for Q4 2013

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Spencer Savings Bank had $17.24 million in non-current loans and owned real-estate with $280.02 million in equity and loan loss allowances on hand to cover it. This gives Spencer Savings Bank a Texas Ratio of 6.16% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Spencer Savings Bank experienced no significant changes from 6.15% as of December 31, 2012 to 6.16% as of December 31, 2013, resulting in a negative change of 0.17%. This indicates that the balance sheet and financial strength for Spencer Savings Bank has had no significant changes in recent periods.

Deposit Growth


In the past year, Spencer Savings Bank has increased its total deposits by $85,000, resulting in 0.01% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Spencer Savings Bank has shown is above average.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Spencer Savings Bank has $1.97 billion in assets with $280.02 million in equity, resulting in a capitalization level of 14.20%, which is excellent.

Institution Statistics

FDIC Certificate #30076
Year Established1939
Primary RegulatorFDIC
Assets and Liabilities
Assets$1.97 billion
Loans$1.39 billion
Deposits$1.38 billion
Equity Capital$265.96 million
Loan Loss Allowance$14.07 million
Unbacked Noncurrent Loans$16.35 million
Real Estate Owned$890,000
Historic Data - December 2012
Assets$1.88 billion
Equity Capital$245.64 million
Loan Loss Allowance$12.10 million
Unbacked Noncurrent Loans$16.35 million
Real Estate Owned$763,000
Profit Margin - Quarterly
Net Interest Margin3.16%
Return on Assets0.52%
Return on Equity3.91%
Interest Income$71.92 million

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Spencer Savings Bank Savings Account Rates

0.80%--SpencerKids Savings
0.30%$100k-Platinum Savings
0.25%--Vacation Club
0.25%--Holiday Club
0.20%$100-Passbook Savings
0.15%$100-Premium Savings
0.10%$100-IRA Savings
0.10%$100-Roth IRA Savings

Spencer Savings Bank Money Market Rates

0.25%$10k-Premium Money Market

Spencer Savings Bank Checking Account Rates

0.10%$100-Spencer Gold Checking
0.10%$10k-Spencer Platinum Checking

Spencer Savings Bank CD Rates

1.65%$1k-60 Month CD
1.35%$1k-48 Month CD
1.25%$1k-24 Month CD
1.15%$1k-36 Month CD
0.75%$1k-30 Month CD
0.55%$1k-20 Month CD
0.40%$1k-18 Month CD
0.25%$1k-12 Month CD
0.20%$1k-6 Month CD
0.10%$1k-91 Day CD

Spencer Savings Bank IRA Rates

1.65%$500-60 Month Fixed CESA
1.65%$500-60 Month IRA
1.35%$500-48 Month Fixed CESA
1.35%$500-48 Month IRA
1.15%$500-36 Month Fixed CESA
1.15%$500-36 Month IRA
0.75%$500-30 Month Fixed CESA
0.75%$500-30 Month IRA
0.55%$500-24 Month Fixed CESA
0.55%$500-24 Month IRA
0.25%$500-12 Month Fixed CESA
0.25%$50-18 Month Variable CESA
0.25%$500-12 Month IRA
0.25%$50-18 Month Variable IRA

Spencer Savings Bank has 19 locations. Click to view all Spencer Savings Bank locations.