Jose B. Guerrero has been elected president of Spencer Savings Bank, Garfield, N.J.

Mr. Guerrero had been executive vice president and chief operating officer. He retains the latter post.

As president he succeeds Nicholas Lorusso, who has become chairman of the board and continues as chief executive officer.

Other senior management promotions include those of Jane E. Allerman, formerly first senior vice president, who moves up to executive vice president; and Robert L. Peacock, chief financial officer, who assumes the title of senior vice president as well.

Mr. Guerrero, an accountant, has been with the thrift since 1983.

Mr. Lorusso joined Spencer Savings in 1964. He was named president and chief executive officer in 1990.

Ms. Allerman joined the bank in 1993. She had been a field manager and senior examiner with the Office of Thrift Supervision and an examiner with the Federal Home Loan Bank of New York.

Mr. Peacock joined Spencer in 1993. He had worked for Hansen Savings, Chemical Banking Corp., Kidder Peabody, and Butcher & Singer.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.