Generations Bancorp NY, Inc. and Generations Bank Announce Regulatory Approvals of NCUA for Purchase and Assumption Transaction with ESL Federal Credit Union
Generations Bancorp NY, Inc. and Generations Bank Announce Closing of Purchase and Assumption Transaction with ESL Federal Credit Union
SENECA FALLS, N.Y., January 2, 2026 – Generations Bancorp NY, Inc. (the “Company”) (OTCQX: GBNY), the holding company for Generations Bank, and Generations Bank announced today that effective January 1, 2026, Generations Bank and ESL Federal Credit Union completed their purchase and assumption transaction in which ESL Federal Credit Union purchased substantially all of Generations Bank’s assets and assumed substantially all of Generations Bank’s liabilities, including all deposit liabilities (“P&A Transaction”).
Based on the Company’s financial condition at the closing date, the Company continues to estimate that shareholders are currently estimated to receive in the dissolution of the Company between $18.00 and $20.00 in cash in exchange for each share of the Company’s common stock owned (the “per share consideration”). It is expected that the per share consideration will be distributed in two payments, with the substantial majority of the total per share consideration expected to be distributed within six to nine months following the closing of the P&A Transaction, and the balance of the per share consideration to be distributed three to six months after the first payment.
As previously disclosed, the per share consideration is subject to significant variation based on various factors including the amount of corporate taxation to be paid by the Company in the P&A Transaction; the costs associated with Generations Bank’s liquidation accounts; the amount of cash held by the Company at the closing of the dissolution; costs related to the liquidation and the distribution of the Bank’s remaining assets to the Company; and costs related to the dissolution and the distribution of the Company’s remaining assets to its shareholders. Based on these factors, investors should not assume that the ultimate per share consideration distributed to shareholders will be within the range set forth above.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements are not historical or current facts and they often include words like “believe,” “expect,” “anticipate,” “estimate,” “intend” or similar terminology. Factors that could cause actual results to differ materially from those expected include delays in completing the liquidation and the dissolution. Except as required by law, neither the Company nor Generations Bank undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.