BOSTON, MA and NAUGATUCK, CT – Connecticut-based Ion Financial, MHC, Inc., parent company of Ion Bank, and Massachusetts-based The Cooperative Bank (“TCB”), today announced that on June 17, 2026, the depositors of TCB approved the proposed merger of TCB with Ion Bank pursuant to an Agreement and Plan of Merger, dated May 20, 2026. The Cooperative Bank will continue to be operated as a division of Ion Bank.
When finalized, the merger will result in Ion Bank having approximately $3.3 billion in assets and an additional four branches in the Greater Boston area, 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.
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, Inc. and Ion Bank Boards of Directors. Mr. Battaglia will join Ion Bank as President of the TCB Division. David Rotatori will continue as President and Chief Executive Officer of Ion Bank and Ion Financial, MHC, Inc.
Mr. Battaglia said, “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.”
“We are thrilled to add TCB as a division of Ion Bank,” Mr. 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. The Greater Boston market is a growing and exciting area. Ion Bank is committed to the success of the communities in which it operates. That commitment will extend to existing offices of TCB and surrounding communities that TCB will continue to serve as a separate division of Ion Bank. We feel that Ion Bank’s full product and service offering for both businesses and consumers will enhance the great customer service TCB has been providing for generations and help elevate all customers’ financial strength.” The closing is expected to occur in the fall of 2026, subject to the receipt of all regulatory approvals and the completion of other customary closing conditions.
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.
About The Cooperative Bank
TCB is a community mutual bank with $540 million in assets with four branches in the Greater Boston area in Charlestown, Jamaica Plain, Roslindale, and West Roxbury, Massachusetts. The bank was founded in 1898 and continues a tradition that started 128 years ago of commitment to helping customers and volunteering in their communities. With an eye to the future but a commitment to lifetime relationships, TCB lives its core values of doing the right thing, drawing strength from diversity, commitment to its communities, and putting people first.
About Ion Bank
Ion Bank, with more than $2.7 billion in assets, offers financial advisory services and retail banking to consumers as well as comprehensive commercial, corporate, and small business banking services to businesses. Ion Bank was founded in 1870
and has 20 branches in Connecticut and 12 in New Jersey. For more information about Ion Bank, see ionbank.com. Since its inception in 1998, the Ion Bank Foundation has invested more than $15 million into the community through grants for purposes ranging from improving social services including housing and food support.