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Member News — Spencer Savings Bank Donates $30,000 Towards Historic NJ Paper Plant Destruction, Assists Employees And Honors First Responders
April 12th, 2019

Spencer Savings Bank recently made a $30,000 donation to benefit those who suffered through the Marcal Paper Plant fire tragedy. The historic New Jersey paper plant was destroyed in late January. A $25,000 donation was made to the Marcal employees affected by the fire, and a $5,000 donation was also made towards a brunch, coordinated by the Elmwood Park PTO, to help honor all the first responders.

“We thank Spencer Savings Bank so much for their amazing generosity. This will go to all the employees that need it the most – our associates that lost their jobs due to the fire,” stated Rob Baron, President and Chief Executive Officer of Soundview Paper Company. “We will always be grateful to the actions taken by first responders to ensure everyone got off of the site without injury.  We can rebuild buildings, but we can’t replace people. We are making every effort to make sure this isn’t the last chapter at Marcal.”

“Spencer Savings Bank has been part of the Elmwood Park community for over a decade. Our bank headquarters are located here. We were incredibly saddened to hear about the tragedy. The iconic Marcal Paper Mill was a historic landmark and staple in the community for decades,” stated Jose B. Guerrero, Chairman, President and CEO of Spencer Savings Bank. “As a community bank, we were very happy to help the employees who lost their jobs. We were also proud to honor all the first responders who did an amazing job. We too, are #EPStrong, and proud to help support the people that live and work within this community we serve. We wish the Marcal company much success in rebuilding!”

On January 30th, a massive fire destroyed the iconic Marcal Paper factory located in Elmwood Park, N.J. The company, owned by Soundview Paper Company, is one of the leading producers of recycled products and has been producing paper tissues, towels and napkins since the 1930’s. The massive fire burned about 90% of the plant and left over 500 workers devastated – many of them, now unemployed, had spent decades working there. It was a main hub for employment for a lot of people for many years and ended a way of life for many. Over 100 firefighters, many of whom were volunteers, from surrounding towns tended to the fire. They spent countless hours struggling with the fire due to the cold weather and visibility issues caused by large amounts of smoke. Over 200 workers where inside when the fire broke out and all evacuated safely.

For more information on the Marcal company and how you can help, please visit them online at

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