Ion Bank is headquartered in Naugatuck and is the 11st largest bank in the state of Connecticut. It is also the 690th largest bank in the nation. It was established in 1870 and as of December of 2013, it had grown to 229 employees at 23 locations. Ion Bank has a B+ health rating.
I had an ATM card from Ion Bank and only use it at their ATM machine and 2 times at CVS. I went to view my checking account on line and found over 30 charges to google kiloo games. I was never notified by Ion of these charges. Any other credit debit card would alert you since it was all very suspisious. I found it out myself by accident. When I asked Ion bank why their security didn't alert me, their response was "it happens all the time," meaning it is common for bank accounts to be hacked into. I put a stop to my card and later received a new one with a pin no., then 2 days later I received another ATM card and pin. I went to the bank upset that they can't assure me that my savings will not be hacked into and why 2 ATM cards? The banker was insulting and haughty, minimizing a major security issue and turned around to say " your son got into your account, he did it." like it's your issue not the banks. well my son is my foster child and I never revealed that information to that banker. The bank officer i went to Must have discussed this with others and assumed it was my foster child, which it was not. I'm pulling my money out of Ion, I don't feel my accounts are safe especially with such ignorant, unprofessional staff. These were not tellers these were managers. Goodbye Ion, another bank is opening up down the street.
Naugatuck Savings Bank is a small bank whom struggles with being the 700th largest bank in the US and it shows. Customer service, if rated would receive 2 out of 10 because out of 10 reps in the call center, only 2 are superstars. Once you reach the executive level, they don't care, they only care about their personal agendas and paychecks.
I would not recomment Naugatuck Savings Bank to anyone, not even my worse enemy
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Ion Bank had $17.01 million in non-current loans and owned real-estate with $110.55 million in equity and loan loss allowances on hand to cover it. This gives Ion Bank a Texas Ratio of 15.39% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Ion Bank decreased dramatically from 26.10% as of December 31, 2012 to 15.39% as of December 31, 2013, resulting in a positive change of 41.03%.This indicates that the balance sheet and financial strength for Ion Bank has improved dramatically in recent periods.
In the past year, Ion Bank has decreased its total deposits by -$5.69 million, resulting in -0.75% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Ion Bank has shown is average.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Ion Bank has $963.2 million in assets with $110.55 million in equity, resulting in a capitalization level of 11.48%, which is excellent.
|FDIC Certificate #||18198|
|Assets and Liabilities|
|Equity Capital||$99.37 million|
|Loan Loss Allowance||$11.19 million|
|Unbacked Noncurrent Loans||$16.55 million|
|Real Estate Owned||$465,000|
|Historic Data - December 2012|
|Equity Capital||$83.01 million|
|Loan Loss Allowance||$10.51 million|
|Unbacked Noncurrent Loans||$16.55 million|
|Real Estate Owned||$519,000|
|Profit Margin - Quarterly|
|Net Interest Margin||3.48%|
|Return on Assets||0.2%|
|Return on Equity||2.19%|
|Interest Income||$36.10 million|
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|0.50%||$5k||-||Health Savings Account|
|0.35%||$250k||-||Money Market Account|
|0.08%||$10k||-||Preferred Checking with Interest|
|1.75%||$500||-||60 Month CD|
|1.50%||$500||-||48 Month CD|
|1.10%||$500||-||36 Month CD|
|0.75%||$500||-||30 Month CD|
|0.55%||$500||-||24 Month CD|
|0.50%||$500||-||18 Month CD|
|0.25%||$500||-||12 Month CD|
|0.20%||$500||-||9 Month CD|
|0.10%||$500||-||6 Month CD|
|0.05%||$500||-||3 Month CD|
|1.75%||$500||-||60 Month IRA (Traditional,Roth,CESA)|
|1.50%||$500||-||48 Month IRA (Traditional,Roth,CESA)|
|1.10%||$500||-||36 Month IRA (Traditional,Roth,CESA)|
|0.75%||$500||-||30 Month IRA (Traditional,Roth,CESA)|
|0.55%||$500||-||24 Month IRA (Traditional,Roth,CESA)|
|0.50%||$500||-||18 Month IRA (Traditional,Roth,CESA)|
|0.33%||$500||-||18 Month Variable IRA (Traditional,Roth,CESA)|
|0.25%||$500||-||12 Month IRA (Traditional,Roth,CESA)|
|0.20%||$500||-||9 Month IRA (Traditional,Roth,CESA)|
|0.10%||$500||-||6 Month IRA (Traditional,Roth,CESA)|
|0.05%||$500||-||3 Month IRA (Traditional,Roth,CESA)|