Ion Bank parent to buy Cheshire-based automobile lender

Naugatuck-based Ion Financial announced Wednesday that it has entered into an agreement to buy a Cheshire-based specialty automobile lender. 
 
The parent company of Ion Bank said it expects to acquire the assets of BCI Financial later this year, pending regulatory approval.
 
Deal terms were not disclosed. 
 
BCI will continue to operate in its current Cheshire location under the same name BCI Financial, as a division of Ion Bank. There will be no layoffs as a result of the acquisition, the bank said
 
“This acquisition allows Ion to remain a strong, independent, community focused bank and expand our business holdings through the automobile financing program that BCI is known for,” said Ion Bank President and CEO David Rotatori.
 
This is Ion Bank’s second significant deal in the past year. Last year, it announced plans to acquire New Jersey-based Lincoln 1st Bank in a deal valued at $7.5 million.
 
Ion Bank has $1.8 billion in assets and 21 branches in Connecticut.