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July 21, 2020

Ion Bank’s 2nd Farmington branch on the way

HBJ Photo | Steve Laschever Ion Bank CEO David Rotatori.
By Matt Pilon

Ion Bank has broken ground on a new branch in the Unionville section of Farmington, its second location in a relatively new market for the Naugatuck-based mutual.

The bank’s new branch, which will be its 19th overall in the state, is located at 75 Main St. in Unionville.

It comes less than two years after Ion opened its 4 Main St. branch in Jan. 2019, a deliberate move that came just a few months after People’s United Bank’s acquired hometown community powerhouse Farmington Bank, creating perceived opportunity among several competing banks wanting to grab market share.

That Ion branch built up $42 million in deposits in its first six months, according to federal data, which will be updated later this year through June 30, 2020.

“As a true community bank, we are thrilled to continue on our commitment to the Farmington Valley region,”  Ion President and CEO David J. Rotatori said in a statement this week.

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