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251 Church Street
Naugatuck, CT 06770

Ion Bank is headquartered in Naugatuck and is the 10st largest bank in the state of Connecticut. It is also the 671st largest bank in the nation. It was established in 1870 and as of March of 2014, it had grown to 229 employees at 23 locations. Ion Bank has a B+ health rating.

Reviews (2)

Poor Security Controls

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.

Customer Service And Executives

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


Data for Q1 2014

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Ion Bank had $16.91 million in non-current loans and owned real-estate with $111.54 million in equity and loan loss allowances on hand to cover it. This gives Ion Bank a Texas Ratio of 15.16% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Ion Bank decreased slightly from 20.65% as of March 31, 2013 to 15.16% as of March 31, 2014, resulting in a positive change of 26.60%.This indicates that the balance sheet and financial strength for Ion Bank has improved slightly in recent periods.

Deposit Growth


In the past year, Ion Bank has increased its total deposits by $16.63 million, resulting in 2.11% 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 above 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 $1 billion in assets with $111.54 million in equity, resulting in a capitalization level of 11.12%, which is excellent.

Institution Statistics

FDIC Certificate #18198
Year Established1870
Primary RegulatorFDIC
Assets and Liabilities
Assets$1.00 billion
Loans$806.85 million
Deposits$805.86 million
Equity Capital$100.10 million
Loan Loss Allowance$11.45 million
Unbacked Noncurrent Loans$16.46 million
Real Estate Owned$451,000
Historic Data - March 2013
Assets$975.79 million
Equity Capital$84.65 million
Loan Loss Allowance$10.49 million
Unbacked Noncurrent Loans$16.46 million
Real Estate Owned$505,000
Profit Margin - Quarterly
Net Interest Margin3.38%
Return on Assets0.24%
Return on Equity2.4%
Interest Income$8.89 million

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Ion Bank Savings Account Rates

0.50%$5k-Health Savings Account
0.35%$50k-Ka-Ching! Savings
0.20%$50k-Passbook Savings
0.20%$50k-Statement Savings

Ion Bank Money Market Rates

0.35%$250k-Money Market Account

Ion Bank Checking Account Rates

0.08%$10k-Preferred Checking with Interest

Ion Bank CD Rates

1.75%$500-60 Month CD
1.50%$500-48 Month CD
1.25%$500-36 Month CD
1.00%$500-30 Month CD
0.55%$500-24 Month CD
0.50%$500-18 Month CD
0.50%$500-7 Month CD
0.25%$500-9 Month CD
0.25%$500-12 Month CD
0.15%$500-6 Month CD
0.10%$500-3 Month CD

Ion Bank IRA Rates

1.75%$500-60 Month IRA
1.50%$500-48 Month IRA
1.25%$500-36 Month IRA
1.00%$500-30 Month IRA
0.55%$500-24 Month IRA
0.50%$500-18 Month IRA
0.50%$500-7 Month IRA
0.31%$500-18 Month Variable IRA
0.25%$500-9 Month IRA
0.25%$500-12 Month IRA
0.15%$500-6 Month IRA
0.10%$500-3 Month IRA

Ion Bank has 20 locations. Click to view all Ion Bank locations.