Ion Bank to close a Naugatuck branch
Photo | Hartford Business Journal
Ion Bank CEO David Rotatori.
Ion Bank plans to close one of its branches in Naugatuck this spring, citing factors such as the pandemic and declining branch traffic.
Ion, which is headquartered in Naugatuck, filed a notice this month with the state Department of Banking that it plans to close its location at 727 Rubber Ave. The planned closing date is March 31.
Dawn D. Derwin, executive vice president, chief retail delivery officer for Ion, said this week that the past 18 plus months have “been challenging,” as the coronavirus pandemic has altered customers’ routines and behaviors.
During the pandemic, Ion had to temporarily close some branch lobbies, which prompted customers to more frequently use drive-up services or electronic banking, according to Derwin.
“Adequate branch staffing has continued to be a significant challenge,” Derwin added.
According to Derwin, declining branch traffic and Ion’s two other branch locations in Naugatuck were factors which led to the “difficult decision,” to close the Rubber Avenue branch. It is in Mountview Plaza, a large shopping plaza anchored by a Stop & Shop supermarket.
Another Ion branch, at 87 Church St., Naugatuck, is only about one mile from the location that is closing, she noted.
Ion has about 20 branches in Connecticut, with the highest concentration in the Naugatuck and Waterbury areas, with branches in area municipalities such as Oxford, Cheshire, Hamden, Ansonia and Wallingford.
In November, Ion Bank’s parent company, Ion Financial, announced it had entered into an agreement to acquire New Jersey lender Lincoln Park Bancorp, the corporate parent of Lincoln 1st Bank, and merge their operations, in a $7.5 million transaction projected to be finalized in 2022.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
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