Mutuals Ion Bank, NVE Bank plan merger ABA Banking Journal

Ion Financial in Naugatuck, Connecticut, and NVE Bancorp in Englewood, New Jersey, have agreed to merge. The mutual holding companies said in a press release that Ion, the parent of the $2.1 billion-asset Ion Bank, will absorb the $600 million-asset NVE Bank. The other terms of the deal were not disclosed.

NVE Bank will be operated as a division of Ion Bank. Robert Rey, NVE Bank’s president and CEO, has the option of becoming president and CEO of Ion’s NVE division. John Spencer will become president of the division. All NVE directors will be offered board seats at Ion Bank.

M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.