Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

May 23, 2024

Naugatuck-based Ion Bank to absorb New Jersey lender

PHOTO | HBJ FILE Ion Bank CEO David Rotatori.
By Andrew Larson

Naugatuck-based Ion Bank will absorb NVE Bank, headquartered in New Jersey, in a merger announced Thursday.

NVE Bancorp, the holding company of NVE Bank, will join Ion Financial, which is the holding company of Ion Bank.

NVE Bank will continue as a separate division of Ion Bank.

The merger will increase Ion Bank’s assets from roughly $2.1 billion to $2.7 billion, expanding Ion Bank’s reach into Bergen County, New Jersey, with the addition of 10 branches.

The merger is part of Ion Bank’s strategy of “investing where it can best serve its customers,” the announcement states. In July 2022, Ion Bank acquired Lincoln 1st Bank in New Jersey for $7.5 million.

Ion Bank 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 announcement.  

NVE Bank’s President and CEO Robert Rey may join Ion Financial as president and CEO of its NVE Division. 

David Rotatori, president and CEO of Ion Bank, will remain CEO of Ion Financial.

“We are excited to add NVE Bank as a division of Ion Bank,” Rotatori said. “This merger is the latest step in our plan for strategic growth and expands our footprint to reach a larger audience in New Jersey. We feel our full offering of products and services for both businesses and consumers will enhance an already great brand.”

Ion Bank, founded in 1870, has 20 branches in Connecticut and two in New Jersey.  

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF