Spencer Savings Bank
Address: 176 Main Street, Spencer, MA 01562
Phone: 508-885-5313
Fax: 508-885-6505
Website: www.spencersavingsbank.com
Number of Employees: 92
Top Executive: K. Michael Robbins, President
Product or service: Banking
Year Founded: 1871
The secret’s out on top-performing local Bank
What’s a good local bank to work with?
If you’re a realtor helping families move west of Worcester, your answer would probably be Spencer Savings Bank. Ask nearly any business owner in the same region, or a real estate developer, or a local non-profit organization. Their answers also are likely to be that same bank.
Spencer Savings Bank has served the banking needs of families, businesses and community organizations since 1871. Five branches in Spencer, Rutland, Leicester and Warren serve the region. Local, knowledgeable employees offer exceptional service and the authority to give quick responses to loan requests.
"I appreciate the favorable reputation we enjoy," says K. Michael Robbins, president for the past three years. A 20-year employee, he says he spent his first 17 years dreaming about what he’d do if he were bank president.
Now he has his chance. His two predecessors "left me a bank in great condition," Robbins says. Assets reached $250 million in 2003 and recently surpassed $300 million. But "that’s only part of the equation," he adds quickly. "How we make those assets generate income matters, too. Spencer Savings Bank has always been ranked near the top in the state with regards to its earnings to assets ratio."
One way is through mortgages - lots of them. The bank ranks in Worcester County’s top 20 mortgage lenders, according to the latest Warren Group report. And they don’t sell the loan servicing. "We like to keep our customers, creating a relationship." says Robbins. The bank also has significantly expanded its commercial real estate lending business, benefiting from the region’s housing boom.
Robbins is a firm believer in community outreach. Not too many business owners have a bank president stop by for a visit, but if they’re Spencer Savings Bank customers, they just might see Robbins pull in for a visit. "Customers are really proud of what they do," notes Robbins, and often give him a tour.
The bank’s new advertising campaign echoes that theme. Print, billboard and television ads celebrate five longstanding bank customers, all women business owners, including the bank’s Spencer-based advertising agency. "Testimonials are a great way of recognizing meaningful customers while getting the Bank’s name out there as well," notes Robbins."
Robbins and his staff serve on many community organization boards, as one way to stay in touch with emerging customer needs. The bank has been a loyal supporter of local causes, from libraries to Little League teams.
In 2005, the bank instituted a new customer service program, SOAR (Service Over and Above the Rest), which encourages staff to ask for more business, atypical for most savings banks.
"We don’t use the word ‘sales,’" says Robbins. "If we’re giving customers what they want to fill out their financial portfolio, that’s not sales." The recent spate of larger bank mergers and branch closures has brought new customers through its doors as well. While the bank only opened its Leicester branch in 1999, it’s now the town’s leading lender, according to Robbins.
Now, the bank is following its customers into Worcester. In early 2007, Spencer Savings Bank plans to open a loan origination center in Worcester to serve its commercial/residential lending customers. Hopefully, the office will have an ATM and accept non-cash deposits. "If that goes well, we would consider opening a full-fledged branch," Robbins says.
Careful expansion plans reflect the sound financial footing the bank maintains. In 1997, it received its first blue ribbon commendation for exceptional financial strength from bank safety rating service Veribanc. It has received one every year since.
Robbins calls the bank a "well-kept secret." That depends on who you ask, it seems.
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