Naugatuck-based Ion Bank plans to expand into Massachusetts through a merger with The Cooperative Bank, a $540 million-asset mutual lender serving the Greater Boston market.
The deal was approved by The Cooperative Bank’s depositors on June 17 and is expected to close this fall, subject to regulatory approvals and other customary conditions, according to an announcement.
The acquisition would give Ion Bank an entry into the Massachusetts market and increase its assets to approximately $3.3 billion. The Cooperative Bank would operate as a division of Ion Bank following the merger, the announcement said.
The Cooperative Bank, founded in 1898, operates branches in Charlestown, Jamaica Plain, Roslindale and West Roxbury. Ion Bank, founded in 1870, has more than $2.7 billion in assets and operates 20 branches in Connecticut and 12 in New Jersey. The transaction follows Ion Bank’s acquisition of New Jersey-based NVE Bank in 2025.
As part of the merger, a new charitable foundation will be established to support communities served by The Cooperative Bank, with an initial contribution of $2.5 million.
Upon closing, The Cooperative Bank President and CEO John Battaglia will become president of the TCB Division of Ion Bank. David Rotatori will remain president and CEO of Ion Bank and Ion Financial MHC.
