Naugatuck based Ion Financial, MHC, parent company of Ion Bank announced today that it has entered into an agreement with BCI Financial, a Cheshire based, independently owned and operated finance company specializing in automobile lending to acquire the assets of BCI Financial later this year.
BCI will continue to operate in its current Cheshire location under the same name BCI Financial, as a division of Ion Bank. There will be no layoffs as a result of the acquisition.
Ion Bank President & CEO David Rotatori said “This acquisition allows Ion to remain a strong, independent, community focused bank and expand our business holdings through the automobile financing program that BCI is known for.”
“We are excited to partner with Ion Bank, a local financial institution with ties to the community, to further grow and provide excellent customer service, whether working with banks, auto dealers, or our customers as we have done for more than 20 years,” said Timothy Rourke, President & CEO of BCI Financial. “We expect to continue with no change in our operations and we look forward to a mutually beneficial relationship with Ion Financial.”
The deal, pending regulatory approval, is expected to close later in 2022.