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Spencer Savings Bank Announces Board of Directors Election Results

Bank Sets Path for Continued Success and Reaffirms Commitment to its Customers and Communities

Elmwood Park, N.J. (February 6, 2014) – Spencer Savings Bank, a community bank headquartered in Elmwood Park, N.J., proudly announces the Board of Directors election results at its 2014 Annual Meeting, revealing it has re-elected three members. At the Annual Meeting held on January 23, 2014, board members Nicholas Lorusso, Anthony S. Cicatiello and Barry Minkin each accepted re-election to serve on the institution’s Board of Directors. Lorusso, Cicatiello and Minkin will each serve three-year terms.

“We are grateful for these gentlemen’s dedication and service to the Board, and are very pleased that they have been re-elected for the upcoming term,” said José B. Guerrero, Chairman, President and Chief Executive Officer of Spencer Savings Bank. “Each of these individuals brings unique skills, assets and a wealth of knowledge, and I am confident they will continue to bring value to our members and the highest quality banking services to the communities in which we operate.”

Re-elected to the Spencer Savings Bank Board of Directors were:

Nicolas Lorusso was President of Spencer Savings Bank, and is now retired as of 1996. He has been on Spencer’s Board of Directors since 1984 and has served as Chairman. Lorusso has also chaired and continues to serve as a member of other board committees. He is on the Executive Board of Banker’s Co-Op, as well as serves as a member of Community Hope.

Anthony S. Cicatiello is a Chairman of CN Communications International, Inc., a public relations and marketing communications firm. For three decades, Cicatiello has brought diverse experience to the complex intersection of business, government and media. He has counseled numerous Fortune 500 companies, institutions of higher education, municipalities, regional utilities and nonprofit organizations, among others. He works with clients to address the needs of targeted constituencies amidst vigorous policy debates, increasing accountability, and changing public priorities.

Barry Minkin has more than thirty years of corporate benefit and human resource experience at such firms as New York Blue Shield, Pirelli Cable Corporation, SCM, Western Union and The Teare Group, a benefit consulting firm. He has served as a member of the Institute for Electrical Engineers Inc., Employee Benefits Committee, Risk and Insurance Management Society of New Jersey, and the Council of Employee Benefits and Washington Business Group on Health Care.

“Spencer Savings Bank exists for the benefit of our depositors and the communities in which we operate,” commented Guerrero.  “Under the guidance of the Board of Directors, we will continue to serve our customers with the same level of integrity and financial prudence upon which the company was founded 75 years ago.”

For more information on Spencer Savings Bank and the services it provides, please visitwww.spencersavings.com.

About Spencer Savings Bank

Spencer Savings Bank, headquartered in Elmwood Park, New Jersey, is a community bank that has been serving its local communities with integrity and pride for 75 years.  The Bank, serving consumers and businesses, operates 19 branches throughout Northern New Jersey.  Spencer Savings Bank has over $1.8 billion in total assets.

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