Applications / Mortgage Analytics / Lenders / Connecticut / ION Bank
Naugatuck, CT · State member bank · FRS · $2.7 billion assets · 450 loans in 2025
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450
loans originated, 2025
656
applications, 2025
3
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
ION Bank, a Connecticut lender whose loans split almost evenly between home improvement, purchases, refinancing and other purposes, made 67% more loans in 2025, growing faster than nearly all similar banks.
It made 450 loans, up from 270. That rise of 67% compares with 6% at similar lenders (state member banks making between half and twice as many loans) and 10% for the whole market. Its 2025 merger with NVE Bank may account for some of it. Its count has swung before, from 426 in 2023 to 270 in 2024.
Home improvement took 28.9% of its loans, purchases 24.4%, refinancing 23.6% and other purposes 23.1%. All were conventional. Its typical loan, $155,000, was smaller than at about seven in ten similar lenders.
It ranks 35 of 392 lenders in New Haven, CT, where its share rose to 0.9% from 0.8%; Rocket Mortgage leads there. In Hartford-West Hartford-East Hartford it ranks 55 of 464, and its share slipped to 0.4% from 0.5%. Liberty Bank leads that market.
Low- and moderate-income (LMI) borrowers took 28.6% of its loans, up from 18.8% and near the middle of similar lenders. LMI neighborhoods took 9.8%, against 17.1% at similar lenders, among the lowest eighth. That may reflect the markets it serves, which may have fewer such neighborhoods than its peers' markets.
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. ION Bank took 656 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Home improvement 28.9% · Purchase 24.4% · Refinance 23.6% · Other 23.1%
Conventional 100.0% · of 450 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Connecticut | 390 | 86.7% |
| New Jersey | 59 | 13.1% |
| New York | 1 | 0.2% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| New Haven | 238 |
| Hartford-West Hartford-East Hartford | 83 |
| New York-Jersey City-White Plains | 34 |
| Bridgeport-Stamford-Danbury | 23 |
| Newark | 23 |
| Lakewood-New Brunswick | 2 |
| Atlantic City-Hammonton | 1 |
| Norwich-New London-Willimantic | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 5493004D0Z2WQR26VL57 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 407506 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 318198 | 1992–2017 |
Established 1 January 1870. Reported under HMDA 1992-2025.
Mergers, name changes, data editions and corrections: ION Bank's data.
ION Bank's data
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ION Bank and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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