Mutuals Ion Bank, NVE Bank plan merger

Ion Monetary in Naugatuck, Connecticut, and NVE Bancorp in Englewood, New Jersey, have agreed to merge. The mutual holding corporations stated in a press launch that Ion, the guardian of the $2.1 billion-asset Ion Financial institution, will take up the $600 million-asset NVE Financial institution. The opposite phrases of the deal weren’t disclosed.

NVE Financial institution will likely be operated as a division of Ion Financial institution. Robert Rey, NVE Financial institution’s president and CEO, has the choice of turning into president and CEO of Ion’s NVE division. John Spencer will develop into president of the division. All NVE administrators will likely be supplied board seats at Ion Financial institution.

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