Connecticut Department of Banking Commissioner Jorge Perez has signed off on Naugatuck-based Ion Bank’s merger with New Jersey-based NVE Bank.
The merger will increase Ion’s assets from about $2.1 billion to $2.7 billion, and expand its reach into Bergen County, New York, with the addition of 10 NVE Bank branches.
Ion President & CEO David J. Rotatori said his bank continues to work with federal regulators on additional needed approvals, but is pleased with the state sign-off.
“We remain very excited about the transaction,” Rotatori said. “By partnering two strong community-oriented banks — Ion Bank, with banking offices in Connecticut and New Jersey, and NVE Bank in New Jersey — we will create a financial services company that will combine the strength and offerings of both banks and continue to provide outstanding service to our communities and customers for decades to come.”
This is not Ion’s first push into the Garden State. In July 2022, Ion acquired Lincoln 1st Bank in New Jersey for $7.5 million.
Ion Bank, founded in 1870, has 20 branches in Connecticut and two in New Jersey.
Ion Bank announced plans for the NVE merger in May. At the time, Ion said it will establish a new charitable foundation to serve Bergen County with an initial contribution of $5 million.
Once the transaction is completed, each NVE Bank director will be offered a position on the Ion Financial and Ion Bank boards of directors, according to the May announcement.
