Spencer Savings Bank, an Elmwood Park-based pillar the community for over 130 years, reaffirmed its commitment to the state’s “innovation economy” with a $10,000 donation to the Research and Development (R&D) Council of New Jersey. The funds are earmarked for the Governor’s STEM Scholars program, a prestigious initiative that mentors the next generation of scientists, engineers and tech leaders.
The donation comes as Spencer Savings Bank kicks off an early celebration of STEM Month (March), emphasizing the critical role that Science, Technology, Engineering, and Mathematics play in the state’s economic vitality.
In addition to the financial contribution, Spencer Savings Bank opened its headquarters to two standout students from the 2025–2026 Governor’s STEM Scholars class: Rhea Rawat, a junior at John P. Stevens High School in Edison, and Roshan Matrubai, a junior at Parsippany Hills High School.
The students spent the day immersed in the bank’s “back-end” operations, meeting with Chief Financial Officer Steve Fusco and senior leaders from the IT and Finance departments. The visit moved beyond theory, offering the scholars a rare look at how advanced mathematics and machine learning are applied in modern community banking.
“New Jersey’s legacy of innovation is fueled by exceptional talent,” José B. Guerrero, chairman and CEO of Spencer Savings said. “At Spencer, we are proud to support this talent which will help our New Jersey communities continue to grow and thrive in the future.”
The two students represent the elite tier of New Jersey’s academic talent:
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Rhea Rawat (John P. Stevens HS): A dedicated advocate for equitable STEM access, Rhea has been recognized as a “Featured Young Scientist” at regional fairs. Her work focuses on using science and technology to create impact-driven solutions for underserved communities.
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Roshan Matrubai (Parsippany Hills HS): A math enthusiast and musician, Roshan is the founder of his school’s first Quant Finance Club, where he bridges the gap between pure mathematics and machine learning. He also leads Digital Minds, a nonprofit focused on national AI literacy.
For over 60 years, the R&D Council of New Jersey has worked to combat “brain drain”—the exodus of top-tier talent to other states. The Governor’s STEM Scholars program is a public-private partnership involving the Office of the Governor, the Department of Education, and leading research companies like Bristol Myers Squibb and PSEG.
By connecting students with New Jersey’s $4 billion community banking sector and its massive life sciences industry, the program ensures that the state’s “best and brightest” see a viable, high-impact career path right at home in the Garden State.
