The merger of Naugatuck-based Ion Bank with The Cooperative Bank (TCB) of Massachusetts has been approved by TCB depositors shortly after Ion Bank filed an application with the Connecticut Department of Banking earlier this month.
On June 17, TCB depositors approved the agreement and merger plan, dated May 20, 2026. The Cooperative Bank will continue to be operated as a division of Ion Bank. On June 15, Ion Bank, a Connecticut chartered stock savings bank and wholly owned subsidiary of Ion Financial MHC Inc., a Maryland chartered mutual bank holding company, filed an application pursuant to for the merger. The proposed target date for the completion of the merger is October 2026, pending regulatory approval.
Upon completion of the transaction, John Battaglia, President and Chief Executive Officer of TCB, and Heather Jenkins and Clayton Samuels, each currently TCB directors, will be offered a position on the Ion Financial MHC and Ion Bank Board of Directors. Battaglia will join Ion Bank as president of the TCB Division. David Rotatori will continue as president and CEO of Ion Bank and Ion Financial MHC.
“TCB has been serving its customers and communities for the past 128 years. By joining with Ion Bank, we recognized an opportunity to expand our product and service offerings with another strong mutual financial institution. Ion Bank’s history and vision made them the perfect fit for TCB, our employees, our customers, and our communities.”
When finalized, the merger will result in Ion Bank having approximately $3.3 billion in assets and an additional four branches in Greater Boston, expanding Ion Bank’s reach into Massachusetts. This anticipated merger comes after Ion Bank acquired NVE Bank in New Jersey in April 2025. Ion Bank’s strategic goal of partnering with other mutual banks where it can best serve its customers continues with this transaction and establishing a presence in these new communities.
As a part of the transaction, a new charitable foundation, dedicated to supporting the communities served by TCB, will be established with an initial contribution of $2.5 million.
“We are thrilled to add TCB as a division of Ion Bank,” Rotatori said. “This merger reflects Ion bank’s core mission as a mutual institution to deepen its commitment to local communities, expand access to meaningful financial services, and partner with likeminded organizations that share its values of trust, service, and long-term community investment.”
Performance Trust Capital Partners, LLC acted as financial advisor in the transaction. Luse Gorman, PC, serves as legal counsel to Ion Financial, MHC, Inc. and Ion Bank. K&L Gates LLP serves as legal counsel to The Cooperative Bank.
Webster Bank acquisition
On June 17, state Banking Commissioner Jorge Perez approved the application and acquisition statement of Banco Santander S.A., and Santander Holdings USA Inc. to acquire Webster Financial Corp. and issued a notice of intent not to disapprove such acquisition. The Commissioner also approved the merger of Webster Bank, with and into Santander Bank, National Association.
