Locke Lord served as legal counsel to Spencer Savings Bank SLA in its definitive agreement to purchase the assets and liabilities of the West Trenton, NJ-based NJM Bank FSB. As of May 31 NJM reported total assets of $605.8 million, total loans of $295.6 million and total deposits of $458.9 million. The purchase agreement has been approved by the Boards of Directors of both NJM Bank and Spencer. The acquisition, which requires approvals from state and federal regulatory agencies, is anticipated to close during the fourth quarter of 2014. Washington, D.C. Partner Doug Faucette led the deal for Locke Lord.
Posted June 26, 2014