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Generations Bancorp NY, Inc. Announces Voluntary Nasdaq Delisting and SEC Deregistration

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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.

Generations Bancorp NY, Inc. (Nasdaq: GBNY), la società di holding per Generations Bank, ha annunciato la sua decisione volontaria di ritirare le proprie azioni ordinarie dal Nasdaq e cancellarsi presso la SEC. L'azienda prevede di presentare un Modulo 25 il 4 ottobre 2024, che sarà l'ultimo giorno di negoziazione sul Nasdaq. Dopo il ritiro, GBNY si aspetta che le proprie azioni ordinarie vengano quotate sul mercato OTCQX a partire dal 7 ottobre 2024, mantenendo il simbolo 'GBNY'.

L'azienda intende presentare un Modulo 15 alla SEC intorno al 14 ottobre 2024, il che sospenderà immediatamente il suo obbligo di presentare rapporti periodici. GBNY continuerà a fornire agli azionisti rapporti annuali contenenti bilanci auditati e a rendere disponibili informazioni finanziarie trimestrali sul proprio sito web. Generations Bank continuerà anche a presentare rapporti trimestrali chiamati Call Reports alla FDIC.

Generations Bancorp NY, Inc. (Nasdaq: GBNY), la empresa matriz de Generations Bank, ha anunciado su decisión voluntaria de eliminar sus acciones comunes del Nasdaq y darse de baja ante la SEC. La compañía planea presentar un Formulario 25 el 4 de octubre de 2024, que será el último día de negociación en Nasdaq. Tras la eliminación, GBNY espera que sus acciones comunes sean cotizadas en el mercado OTCQX a partir del 7 de octubre de 2024, manteniendo el símbolo 'GBNY'.

La empresa tiene la intención de presentar un Formulario 15 ante la SEC alrededor del 14 de octubre de 2024, lo que suspenderá inmediatamente su obligación de presentar informes periódicos. GBNY continuará proporcionando a los accionistas informes anuales que contengan estados financieros auditados y hará que la información financiera interina trimestral esté disponible en su sitio web. Generations Bank también seguirá presentando informes trimestrales conocidos como Call Reports ante la FDIC.

Generations Bancorp NY, Inc. (Nasdaq: GBNY), Generations Bank의 지주 회사는 자사의 보통주를 Nasdaq에서 상장 폐지하기로 자발적으로 결정했다고 발표했습니다. 또한 SEC에 등록 해지할 계획입니다. 회사는 2024년 10월 4일에 Form 25를 제출할 예정이며, 이 날이 Nasdaq에서의 마지막 거래일이 됩니다. 상장 폐지 이후 GBNY는 2024년 10월 7일부터 OTCQX 시장에 'GBNY' 기호로 보통주가 거래될 것으로 예상합니다.

회사는 2024년 10월 14일경 SEC에 Form 15를 제출할 계획이며, 이로 인해 정기 보고서를 제출할 의무가 즉시 중단됩니다. GBNY는 주주에게 감사된 재무제표가 포함된 연례 보고서를 계속 제공하고, 웹사이트에서 분기별 중간 재무 정보를 제공할 것입니다. Generations Bank는 FDIC에 분기별 Call Reports도 계속 제출할 것입니다.

Generations Bancorp NY, Inc. (Nasdaq: GBNY), la société holding de Generations Bank, a annoncé sa décision volontaire de retirer ses actions ordinaires du Nasdaq et de se désinscrire auprès de la SEC. L'entreprise prévoit de déposer un formulaire 25 le 4 octobre 2024, qui sera le dernier jour de négociation sur le Nasdaq. Suite à la désinscription, GBNY s'attend à ce que ses actions ordinaires soient cotées sur le marché OTCQX à partir du 7 octobre 2024, en conservant le symbole 'GBNY'.

La société a l'intention de déposer un formulaire 15 auprès de la SEC vers le 14 octobre 2024, ce qui suspendra immédiatement son obligation de déposer des rapports périodiques. GBNY continuera à fournir aux actionnaires des rapports annuels contenant des états financiers audités et rendra disponibles des informations financières intermédiaires trimestrielles sur son site web. Generations Bank continuera également à déposer des Call Reports trimestriels auprès de la FDIC.

Generations Bancorp NY, Inc. (Nasdaq: GBNY), die Holdinggesellschaft von Generations Bank, hat ihre freiwillige Entscheidung bekannt gegeben, ihre Stammaktien vom Nasdaq zurückzuziehen und sich bei der SEC abzumelden. Das Unternehmen plant, am 4. Oktober 2024 ein Formular 25 einzureichen, was der letzte Handelstag am Nasdaq sein wird. Nach der Delistung erwartet GBNY, dass seine Stammaktien ab dem 7. Oktober 2024 im OTCQX-Markt mit dem Symbol 'GBNY' gehandelt werden.

Das Unternehmen plant, um den 14. Oktober 2024 ein Formular 15 bei der SEC einzureichen, was sofort die Pflicht zur Einreichung regelmäßiger Berichte aussetzen wird. GBNY wird weiterhin die Aktionäre mit Jahresberichten versorgen, die geprüfte Finanzberichte enthalten, und wird vierteljährliche Zwischeninformationen auf seiner Website zur Verfügung stellen. Generations Bank wird auch weiterhin vierteljährliche Call Reports bei der FDIC einreichen.

Positive
  • Potential cost savings from reduced regulatory compliance and reporting requirements
  • Continued provision of financial information to stockholders and investors
Negative
  • Delisting from Nasdaq may reduce stock liquidity and visibility
  • Moving to OTCQX Market might impact institutional investor interest
  • Reduced SEC oversight and reporting requirements may decrease transparency

Insights

This voluntary delisting and deregistration decision by Generations Bancorp NY is a significant move that could impact investor perception and stock liquidity. The shift from Nasdaq to the OTCQX Market may reduce trading volume and potentially affect stock price. While this action can lead to cost savings from reduced compliance and reporting requirements, it also means less transparency for investors.

The company's commitment to continue providing annual audited financial statements and quarterly information on their website is a positive sign, maintaining some level of transparency. However, the reduced regulatory oversight and potential decrease in analyst coverage could make the stock less attractive to institutional investors.

For retail investors, this move might result in increased bid-ask spreads and potentially lower liquidity, which could make it more challenging to buy or sell shares efficiently. The transition period, especially around October 4-7, 2024, may see increased volatility as the market adjusts to this new status.

Given the company's relatively small market cap of $23.65 million, this decision might be aimed at reducing compliance costs. However, investors should closely monitor how this affects the company's financial health and growth strategies moving forward.

SENECA FALLS, N.Y., Sept. 24, 2024 /PRNewswire/ -- Generations Bancorp NY, Inc. ("Company") (Nasdaq: GBNY), the holding company for Generations Bank ("Bank"), announced its voluntary decision to delist its common stock from The Nasdaq Stock Market LLC ("Nasdaq") and its intent to deregister its common stock with the Securities and Exchange Commission ("SEC").

The Company has notified Nasdaq of its intent to voluntarily delist and withdraw the registration of its common stock with the SEC. The Company intends to file a Form 25 (Notification of Removal from Listing) with the SEC on October 4, 2024, and expects the last trading day of the Company's common stock on Nasdaq will be on October 4, 2024. Following delisting from Nasdaq, the Company expects its common stock will be quoted on the OTCQX Market beginning on October 7, 2024 and expects to retain the symbol "GBNY."

The Company also intends to file a Form 15 (Certification and Notice of Termination From Registration) with the SEC on or about October 14, 2024. Upon filing, the Company's obligation to file periodic reports with the SEC, including Forms 10-K, 10-Q and 8-K, will be suspended immediately and will terminate when deregistration becomes effective 90 days after the Form 15 is filed.

The Company will continue to provide stockholders with an annual report containing audited consolidated financial statements, and quarterly interim financial information will be made available on the Company's website at www.mygenbank.com. The Bank will also continue to file quarterly Call Reports with the Federal Deposit Insurance Corporation, which are available at www.fdic.gov.

About the Company and Generations Bank

Generations Bancorp NY, Inc. is the parent of Generations Bank. The Bank is a federally chartered savings bank headquartered in Seneca Falls, New York. The Bank was organized in 1870 and has operated continuously since that time in the northern Finger Lakes region of New York State which is located in the central to northwestern portion of New York State. The Bank operates from its main office located in Seneca Falls, New York, in addition to eight full-service offices and one drive-through facility located in Auburn, Farmington, Geneva, Medina, Phelps, Union Springs and Waterloo, New York which are located throughout the northern Finger Lakes region of New York State, which includes parts of Cayuga, Seneca, Ontario, and Orleans counties. Our address at our headquarters is 20 East Bayard Street, Seneca Falls, New York 13148 and the telephone number at our headquarters is (315) 568-5855.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on assumptions and may describe future plans, strategies and expectations of the Company. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "believe," "intend," "plan," "expect," "will," "may," "should," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include the Company's ability to effect the termination of its obligation to file periodic reports with the SEC, changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company and the Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events.

Contact:
Angela Krezmer, President and Chief Executive Officer
Generations Bancorp NY, Inc.
315-568-5855

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SOURCE Generations Bancorp NY, Inc.

FAQ

When will Generations Bancorp NY (GBNY) delist from Nasdaq?

Generations Bancorp NY (GBNY) plans to delist from Nasdaq on October 4, 2024, which will be the last trading day for its common stock on the exchange.

Where will GBNY stock be traded after delisting from Nasdaq?

After delisting from Nasdaq, GBNY stock is expected to be quoted on the OTCQX Market beginning on October 7, 2024, retaining the symbol 'GBNY'.

Will Generations Bancorp NY (GBNY) continue to provide financial reports after deregistration?

Yes, GBNY will continue to provide stockholders with annual reports containing audited financial statements and make quarterly interim financial information available on its website after deregistration.

What is the purpose of Generations Bancorp NY's (GBNY) voluntary delisting and deregistration?

While not explicitly stated, the decision to delist and deregister is likely aimed at reducing regulatory compliance costs and administrative burdens associated with being a publicly traded company on Nasdaq.

GENERATIONS BANCRP NY INC

OTC:GBNY

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34.75M
1.80M
17.54%
22.9%
0.62%
Banks - Regional
Savings Institution, Federally Chartered
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United States of America
SENECA FALLS