Ion Bank Opens First Branch in North Central Connecticut | Business
Ion Bank sets up in north-central Connecticut.
The Naugatuck-based bank recently announced the official opening of its new South Windsor branch at 1751 Ellington Road.
“As a mutual bank, we do what is in the best interests of our customers and the communities we serve,” said David J. Rotatori, President and CEO of Ion Bank. “We are thrilled to be part of the South Windsor community now and to be able to serve its residents, families and businesses. “
Rotatori said Ion Bank has already received $ 2 million in deposits since achieving a “soft opening” a few weeks ago.
“It’s a good start for any branch,” Rotatori said.
Ion Bank is a community-based mutual bank with 20 branches in Hartford, Litchfield and New Haven counties, according to its website. Unlike equity banks, Ion Bank has no shareholders and is owned by depositors; Rotatori compared it to a credit union.
After the closure of three other community banks in the Hartford and Springfield area over a period of about a year, Rotatori said he saw an opportunity for Ion Bank to “fill the void created for the communities that were missing. now a community bank “.
Bridgeport-based People’s United Bank bought out Farmington Bank and Hartford’s United Bank – which had taken over Rockville Bank – in September 2018 and October 2019, respectively. People’s United subsequently announced its merger with M&T Bank, based in Buffalo, New York, by the end of this year.
Middletown-based Liberty Bank merged with Simsbury Bank in July 2019. It has a branch in Glastonbury, which also has NBT Bank’s first branch in the region.
Meanwhile, Norwich-based Dime Bank has opened branches in Manchester and Glastonbury, and Windsor Federal Savings has opened a branch in South Windsor.
Opportunities for community banks arise when big banks decide to close branches, Rotatori said. According to Rotatori, all of these mergers and consolidations have dramatically changed the banking landscape by making institutions more geographically dispersed.
Rotatori said that when he started in banking 30 years ago, “the general rule (was) if you wanted to have a branch and represent an area, it shouldn’t be more than three miles or so. 10 minutes from the people you are trying to capture.
That distance grew to five miles in the 2000s and early 2010s, he said, and has now widened to 10 miles, or about a 15 to 20-minute drive.
The South Windsor branch offers a personal banking machine with extended hours of operation – 7 a.m. to 8 p.m. Monday through Friday and 7 a.m. to 3 p.m. Saturday – which allows customers to interact with a live teller via two-way video.
After People’s United Bank acquired United Bank, a large team of South Windsor-based financial advisers who had worked for United Bank joined the Ion Bank team, Rotatori said. He added that these advisers played an important role in making Ion Bank’s new branch look familiar.
“The greatest success we have had (with other branches) is due to the people we recruited,” Rotatori said. Customers “want to do business with people they know. They want a familiar face in there.
Ion Bank has announced the hiring of Tywan Watkins and Millie Texidor-Maffucci for its South Windsor branch.
Watkins has been appointed assistant vice president and head of commercial relations for the South Windsor and Manchester region, where he will help clients meet their financial goals, the statement said. Watkins previously worked as a branch manager at 360 Federal Credit Union in Windsor Locks.
Texidor-Maffucci has been appointed Assistant Vice President and Branch Manager for South Windsor. Previously, she was Vice President and Branch Manager at People’s United Bank in Manchester.
Rotatori said his team are considering several cities in central Connecticut to introduce a new branch, including Manchester.
Austin Mirmina is the economics reporter for Journal Inquirer and also covers the city of Windsor.