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July 6, 2022

CT Dept. of Bank approves Ion Bank’s $7.5M purchase of New Jersey-based lender

HBJ Photo | Steve Laschever Ion Bank CEO David Rotatori.
By Andrew Larson

The state Department of Banking has approved Naugatuck-based Ion Bank’s pending purchase of a small New Jersey lender. 

Ion’s deal to purchase Lincoln 1st Bank was approved on June 16, and the parties expect to close the deal at the start of the third quarter, according to the state Department of Banking.

Ion Bank last year entered an agreement to acquire Lincoln 1st Bank for $7.5 million and merge their operations.

Ion Bank, which has branches in Waterbury, Prospect, Middlebury, Watertown, Oxford, Cheshire, Woodbury, Southbury, Ansonia, Hamden, Wallingford, Farmington, South Windsor and Meriden. 
 

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