May 28, 2024

On May 13, 2024, NVE Bancorp, MHC, Englewood, New Jersey, announced the signing of a definitive merger agreement with Ion Financial, MHC, Naugatuck, Connecticut, pursuant to which NVE Bancorp, MHC and NVE Bancorp, Inc. each will merge into Ion Financial, MHC and NVE Bank, the subsidiary of NVE Bancorp, will merge into Ion Bank, the subsidiary of Ion Financial, MHC.

NVE Bank has approximately $665.9 million in assets and has ten branches in Bergen County, New Jersey.

Ion Bank has approximately $2.1 billion in assets and has 20 branches in Connecticut and two in New Jersey.

Luse Gorman is serving as legal counsel to NVE Bank in the transaction. The Luse Gorman team consists of John Gorman, Scott Brown and Tom Hutton.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.