Ion Bank wins CT approval for Boston-area merger, targets October closing

Naugatuck-based Ion Bank has received Connecticut regulatory approval for its proposed merger with a Greater Boston lender, with the deal targeted to close in October. The Connecticut banking commissioner approved Ion Bank’s application Sept. 15 to merge The Cooperative Bank into Ion, according to a state Department of Banking notice. The deal would expand Ion into Massachusetts, following its acquisition of New Jersey-based NVE Bank in 2025. The Cooperative Bank, a mutual lender founded in 1898, operates four branches in Charlestown, Jamaica Plain, Roslindale and West Roxbury. It would operate as a division of Ion Bank following the merger, according to the banks’ June announcement. At the time of that announcement, The Cooperative Bank had approximately $540 million in assets, while Ion had more than $2.7 billion. The banks said the combination would increase Ion’s assets to approximately $3.3 billion. The Cooperative Bank’s depositors approved the deal June 17. The banks initially said they expected to close the merger in the fall. The Connecticut notice identifies October as the proposed merger date. Under the previously announced leadership plan, The Cooperative Bank President and CEO John Battaglia would become president of the TCB Division of Ion Bank. David Rotatori would remain president and CEO of Ion Bank and its parent, Ion Financial MHC. Ion, founded in 1870, reported operating 20 branches in Connecticut and 12 in New Jersey when the merger was announced.