iStock illustration

After recently completing its acquisition of a New Jersey-based bank, Ion Bank now plans to acquire an automobile financing company later this year.

Naugatuck-based Ion Financial, Ion Bank’s parent company, said in a statement that it has agreed to acquire the assets of Cheshire-based BCI Financial, an independently owned and operated finance company specializing in automobile lending.

BCI will operate as a division of Ion Bank in its current Cheshire location under the name BCI Financial, the statement said. No employees will be laid off as a result of the acquisition, according to the statement.

“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,” Ion Bank President and CEO David Rotatori said in the statement.

The deal, which is subject to regulatory approval, is expected to close later in 2022.

“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,” Timothy Rourke, president and CEO of BCI Financial, said in the statement. “We expect to continue with no change in our operations and we look forward to a mutually beneficial relationship with Ion Financial.”

Ion Bank on July 1 completed its acquisition of Lincoln Park, New Jersey-based Lincoln 1st Bank.