Ion Bank Completes Merger With The Cooperative Bank

The combined institution enters Massachusetts for the first time, expanding Ion's footprint beyond Connecticut and New Jersey.

Updated on Nov. 2, 2026 in Banking

Photograph of a tall granite-and-glass office tower on a dense Boston street under soft overcast light, with older masonry buildings in the foreground. — Ion Bank completed its merger with Boston-based The Cooperative Bank, becoming the first Ion institution to enter Massachusetts with $3.4 billion in combined assets. AI Illustration. Upload story photo >

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Ion Bank has completed its merger with Boston-based The Cooperative Bank, giving Ion its first presence in Massachusetts. The transaction brings the combined institution to $3.4 billion in assets.

Why it matters

The merger extends Ion Bank's reach into the Boston market and marks its second expansion outside central Connecticut, following its 2024 acquisition of NVE Bank in New Jersey. For Boston customers, the deal is expected to broaden the products, services and resources available through the combined bank.

Ion Bank reported $2.3 billion in deposits in its third-quarter FDIC call report and now holds $3.4 billion in total assets following the merger. The source does not specify how the combined deposit base will change after integration.

The players

Ion Bank

Ion Bank is a Connecticut-based bank, formerly known as Naugatuck Savings Bank, with branches across Connecticut, Massachusetts and New Jersey.

The Cooperative Bank

The Cooperative Bank, known as TCB, is a Boston-based bank that continues to operate as a division of Ion Bank after the merger.

John Battaglia

John Battaglia is the president and CEO of TCB who joined Ion Bank's leadership and continues to lead The Cooperative Bank division.

The details

Heather Jenkins, Clayton Samuels and John Battaglia joined the boards of directors of Ion's mutual bank holding company and Ion Bank. As part of the transaction, a new charitable foundation will be established with an initial $2.5 million contribution to support Massachusetts communities.

Ion Bank began serving Connecticut customers in 1870.
Naugatuck Savings Bank changed its name to Ion Bank in 2013.
Ion Bank acquired NVE Bank in Bergen County, New Jersey, in 2024.
The merger with The Cooperative Bank was completed on November 2, 2026.

Market Landscape

The merger follows Ion Bank's 2024 acquisition of NVE Bank in New Jersey, continuing a pattern of growing through acquisition of regional community banks. Entering Boston positions Ion against established local institutions in a market where TCB already held a community-bank presence.

Boston customers of The Cooperative Bank now bank with a combined institution that has $3.4 billion in assets and four Boston branches in Charlestown, Jamaica Plain, Roslindale and West Roxbury. The source does not state whether account terms, fees or branch hours will change.

The takeaway

For Boston depositors, a merger like this is a good moment to confirm that account terms, FDIC coverage and branch access still meet your needs. Check directly with your bank about any changes that affect your accounts.