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Generations Bancorp NY, Inc. (Nasdaq: GBNY), the holding company for Generations Bank, has announced its voluntary decision to delist its common stock from Nasdaq and deregister with the SEC. The company plans to file a Form 25 on October 4, 2024, which will be the last trading day on Nasdaq. Following delisting, GBNY expects its common stock to be quoted on the OTCQX Market starting October 7, 2024, retaining the symbol 'GBNY'.
The company intends to file a Form 15 with the SEC around October 14, 2024, which will immediately suspend its obligation to file periodic reports. GBNY will continue to provide stockholders with annual reports containing audited financial statements and make quarterly interim financial information available on its website. Generations Bank will also continue to file quarterly Call Reports with the FDIC.
ESL Federal Credit Union has announced its acquisition of Generations Bank and its parent company Generations Bancorp NY, Inc. (Nasdaq: GBNY) in an all-cash transaction. ESL will pay $26.2 million for substantially all assets and liabilities of Generations Bank. The deal is expected to close in late Q2 or Q3 2025, subject to regulatory and shareholder approvals.
Following the transaction, Generations Bank will liquidate and Generations Bancorp will distribute its assets to shareholders. Shareholders are estimated to receive between $18.00 and $20.00 per share in two payments. The transaction will expand ESL's presence in the Greater Rochester and Finger Lakes region, increasing its assets to approximately $9.6 billion and its branch network to over 30 locations.
Generations Bancorp NY, Inc. (Nasdaq: GBNY) announced the retirement of Senior Vice President of Credit Administration, Kenneth Winn, effective January 1, 2022. Winn joined the Bank in 2017 and led significant initiatives, resulting in a $70.7 million increase in total loans from December 31, 2017 to June 30, 2021. His contributions included enhancing lending standards and participating in the COVID-19 response, particularly the Paycheck Protection Program. The Bank has not yet named a successor.
Generations Bancorp NY (Nasdaq: GBNY) has appointed Angela Krezmer as Senior Vice President and Chief Financial Officer, effective June 7, 2021. She previously served as CFO at Prosper Bank and Fairport Savings Bank and brings extensive experience in the banking sector. Krezmer's role will be vital for overseeing the company's financial strategies and SEC reporting responsibilities following its recent IPO. The President and CEO Menzo Case expressed enthusiasm about Krezmer's appointment, highlighting her leadership as a great asset for the organization.
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