Ion Bank

Headquarters

251 Church Street
Naugatuck, CT 06770
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.10% 1.20% →
1-Year CD 0.25% 1.10% →
2-Year CD 0.50% 1.15% →
5-Year CD 0.85% 1.56% →
30-Year Mortgage 5.65% 3.09% →
15-Year Mortgage 5.17% 2.59% →
HELOC N.A. 2.77% →

2020 Overview

General Bank Information

Ion Bank is an FDIC insured institution located in Naugatuck, CT. It was founded in 1870 and has approximately $1.38 billion in assets. Customers can open an account at one of its 23 branches.

FDIC Insured Yes
FDIC Certificate # 18198
Date Established 1870
Assets $ 1,383.90 million
Loans $ 1,145.00 million
Deposits $ 1,089.02 million
Capital $ 117.12 million
 

For a more detailed analysis of Ion Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - August 3, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.10% $2,500 $4,999 Learn More
Money Market
0.10% $2,500 $2,999 Learn More
Money Market
0.20% $10,000 $14,999 Learn More
Money Market
0.20% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.10% $10,000 $14,999 Learn More
3 Mo CD
0.10% $100,000 $199,999 Learn More
6 Mo CD
0.15% $10,000 $14,999 Learn More
6 Mo CD
0.15% $100,000 $199,999 Learn More
Special: 7 Mo CD
0.50% $500 - Learn More
12 Mo CD
0.25% $10,000 $14,999 Learn More
12 Mo CD
0.25% $100,000 $199,999 Learn More
18 Mo CD
0.40% $10,000 $14,999 Learn More
18 Mo CD
0.40% $100,000 $199,999 Learn More
24 Mo CD
0.50% $10,000 $14,999 Learn More
24 Mo CD
0.50% $100,000 $199,999 Learn More
30 Mo CD
0.50% $10,000 $14,999 Learn More
30 Mo CD
0.50% $100,000 $199,999 Learn More
36 Mo CD
0.65% $10,000 $14,999 Learn More
36 Mo CD
0.65% $100,000 $199,999 Learn More
48 Mo CD
0.75% $10,000 $14,999 Learn More
48 Mo CD
0.75% $100,000 $199,999 Learn More
60 Mo CD
0.85% $10,000 $14,999 Learn More
60 Mo CD
0.85% $100,000 $199,999 Learn More

Fixed IRA Rates APY MIN MAX
Special: 7 Mo FIRA
0.50% $500 - Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.10% $2,500 $3,499 Learn MoreShow Less

Loan Rates - August 3, 2020

Your Current Location: Connecticut, CT 06828

Home Equity Rates APR Rate Monthly Payment
Auto Loan Rates APR Rate Monthly Payment
3 Year 6.00% 6.00% $760.55
4 Year 6.00% 6.00% $587.13
5 Year 6.50% 6.50% $489.15
Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.

Branches

Ion Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Fairfield,Connecticut


Ion Bank Locations


Financial Details

Ion Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Ion Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Ion Bank U.S. Bank Average
7.03% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2020, Ion Bank had $9,215,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $117,117,000 in equity and $14,004,000 in loans loss reserves. That gives it a Texas Ratio of 7.03%.

Return on Equity
Ion Bank U.S. Bank Average
-6.04% 7.80%

Ion Bank has a Return on Equity of -6.04% versus the BestCashCow average of 7.80%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Ion Bank U.S. Bank Average
8.46% 12.68%

Ion Bank has a Capitalization of 8.46% versus the BestCashCow average of 12.68. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Ion Bank Balance Sheet Analysis

As of March 31, 2020, Ion Bank had assets of $1,383,895,000, loans of $1,144,996,000, and deposits of $1,089,021,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2020
ASSETS
Cash & Balances due from depository institutions $ 78.98 million
Interest-bearing balances $ 61.34 million
Total securities $ 92.58 million
Federal funds sold and reverse repurchase $ 0.05 million
Net loans and leases $ 1,145.00 million
Loan loss allowance $ 14.00 million
Trading account assets $ 9.90 million
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 3.26 million
All other assets $ 40.04 million
     Total Assets $ 1,266.78 million
LIABILITIES
Total deposits $ 1,089.02 million
      Interest-bearing deposits $ 782.04 million
      Deposits held in domestic offices $ 1,089.02 million
      % insured (estimated) 87.38%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities $ 9.90 million
Other borrowed funds $ 130.00 million
Subordinated debt N.A.
All other liabilities $ 37.86 million
      Total Liabilities $ 1,266.78 million
      Shareholders’ Equity $ 117.12 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 13.44 million
Total Interest Expense $ 2.14 million
Net interest income $ 11.30 million
Provision for loan and lease losses $ 1.80 million
Total non interest income $ 2.93 million
Total non interest expense $ 11.68 million
Pre-tax Net Operating Income $ 0.75 million

Bank Loan Profile?

The top three loan types in Ion Bank’s loan portfolio are 1-4 Family Residential Loans, Commercial Real Estate, and Commercial and Industrial Loans.

Compared to other banks, Ion Bank’s loan portfolio does not show any specific loan specialty.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 35.09
Multifamily
Mortgages
4.57
Credit Card Loans 0.00
Consumer Auto Loans 1.07
Small Business Loans 0.00
Construction and Development Loans 7.60
Commercial Real Estate 25.72
Commercial and Industrial Loans 12.85
Farm Loans 0.00

Frequently Asked Questions About Ion Bank

Branches and Savings

Is Ion Bank FDIC insured?

Yes. It is covered under FDIC Certificate #18198.

Why does Ion Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Ion Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Ion Bank a commercial bank?

Yes

Where are Ion Bank locations?

See branch locations nearby.

Is Ion Bank open on Saturdays?

Is Ion Bank open on Sundays?

What time does Ion Bank open?

What time does Ion Bank close?

Are Ion Bank ATMs Open 24/7?

Do Ion Bank ATMs accept cash deposits?

Can Ion Bank customers use other ATMs?

Do Ion Bank branches have notaries?

Will Ion Bank notarize my document?

What address for Ion Bank should I put for incoming ACH transfers?

Will the Ion Bank branch print checks?

Do Ion Bank checks expire?

Does Ion Bank require US citizenship to open account?

Can Ion Bank close my account?

Does Ion Bank Report to credit bureaus?

Does Ion Bank Use Equifax?

What is Ion Bank's ACH Routing Number?

What is Ion Bank's SWIFT code?

Products

Does Ion Bank offer mortgages?

Compare mortgage rates here.

Does Ion Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Ion Bank offer personal loans?

Compare personal loan rates here.

Does Ion Bank offer student loans?

Will Ion Bank cash a check?

Will Ion Bank redeem a savings bond?

Does Ion Bank cash savings bonds?

Will Ion Bank cash money orders?

Can Ion Bank issue a money order?

Does Ion Bank do currency exchange?

Background on The Bank

Who owns Ion Bank?

How long has Ion Bank been around?

Can Ion Bank transfer to other banks?

Does Ion Bank have quick pay?

Does Ion Bank accept rolled coins?

Will Ion Bank accept loose change?

Where is Ion Bank headquarters?

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