Englewood, NJ based NVE Bancorp MHC and Naugatuck, Conn.-based Ion Financial MHC have closed their previously announced merger agreement that will see NVE Bancorp be combined with Ion Financial.   NVE Bancorp’s subsidiary, NVE Bank, has combined with Ion Financial’s subsidiary, Ion Bank, where NVE Bank will be operated as a division of Ion Bank.  Ion Bank will have about $2.7 billion in assets and an additional 10 branch locations throughout Bergen County, NJ.

The Kafafian Group served as financial adviser to NVE Bancorp and Luse Gorman PC served as legal counsel to NVE Bancorp and NVE Bank