Ion Bank
Naugatuck, Connecticut, Naugatuck Valley County
$2.8B in total assets, the 474th largest of 4,309 US banks and 5th of 27 headquartered in Connecticut.
- FDIC certificate
- 18198
- Established
- 1870
- Owned by
- Ion Financial Mhc Inc
- Primary regulator
- FED
- Website
- www.ionbank.com
At a glance
Compared with 14 banks headquartered in Connecticut with $1 billion to $10 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $2.8B | 79% | $1.8B | |
| Loans | $2.0B | 79% | $1.4B | |
| Deposits | $2.3B | 79% | $1.4B | |
| Return on assets | 0.68% | 36% | 0.77% | |
| Net interest margin | 4.23% | 98% | 3.39% | |
| Efficiency ratio | 72.6% | 57% | 70.9% | |
| Equity to assets | 12.26% | 64% | 10.18% | |
| Loans to deposits | 88% | 21% | 99% |
Growth
Total assets grew 9.4% a year over the last 5 years and 9.1% a year over 10 years, including 2 acquisitions in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Apr 2025 | NVE Bank Englewood, NJ | $645M |
| Jul 2022 | Lincoln 1st Bank Lincoln Park, NJ | $264M |
| Aug 2009 | Castle Bank & Trust Company Meriden, CT | $76M |
Where they operate
36 branches in 6 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Naugatuck Valley County, CT | $1.0B | 8.2% | 6 of 16 |
| Bergen County, NJ | $372M | 0.5% | 25 of 45 |
| New Haven County, CT | $325M | 100.0% | 1 of 1 |
| South Central Connecticut County, CT | $300M | 1.5% | 13 of 17 |
| Capitol County, CT | $156M | 0.3% | 18 of 24 |
| Morris County, NJ | $106M | 0.4% | 20 of 28 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net gain of 15 branches since 2016 (21 to 36, +71.4%). 8 opened, 12 acquired, 5 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 21 | |||
| 2017 | Closed Woodbury | 0 | 1 | −1 | 20 |
| 2019 | Opened Farmington and MeridenClosed Meriden | 2 | 1 | +1 | 21 |
| 2021 | Opened South Windsor and Unionville | 2 | 0 | +2 | 23 |
| 2022 | Acquired Lincoln 1st BankOpened Pinebrook and Waterbury, closed Naugatuck | 4 | 2 | +2 | 25 |
| 2023 | Opened Southington | 1 | 0 | +1 | 26 |
| 2025 | Acquired NVE BankOpened Naugatuck, closed Naugatuck | 11 | 1 | +10 | 36 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Commercial real estate | 31% | 31% | |
| 1-4 family residential | 28% | 44% | |
| Multifamily | 15% | 10% | |
| Consumer | 10% | 1% | |
| Business (C&I) | 9% | 9% | |
| Construction and land | 5% | 5% | |
| Other | 2% | 1% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 53% | 51% | |
| Noninterest-bearing | 31% | 22% | |
| Time deposits | 16% | 26% |
Brokered deposits are 0.1% of deposits (peers 3.8%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 1.49% | 0.41% |
| Net charge-offs, annualized | 0.12% | 0.01% |
| Reserves to loans | 1.11% | 0.98% |
| Leverage ratio | 11.91% | 11.08% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Connecticut
Largest competitors in Naugatuck Valley County, CT
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/ion