Generations Bancorp's $26.2M Sale To ESL Federal: Big Payouts Await Shareholders As Bank Prepares For Liquidation [Yahoo! Finance]
Generations Bancorp NY, Inc. (GBNY)
Company Research
Source: Yahoo! Finance
The company agreed to sell most of its assets and liabilities, including deposits, to ESL Federal Credit Union for $26.2 million in cash Generations Bank will retain its equity at the effective time of the P&A transaction, with some adjustments. The Boards of Directors of ESL Federal Credit Union and Generations unanimously approved the transaction. After settling all obligations, Generations Bank will liquidate, and Generations Bancorp will distribute its assets to shareholders in two payments. Shareholders are estimated to receive between $18.00 and $20.00 per share, with the majority expected within six to nine months after the transaction closes, and the remainder six to nine months after the first payment. The sale is expected to close in the late second quarter or third quarter of 2025, pending regulatory and shareholder approvals and other conditions. Currently, Generations Bancorp has 2.24 million outstanding shares. Eligible depositors from Generations' second-ste
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GBNY
News
- OTC Markets Group Welcomes Generations Bancorp NY, Inc. to OTCQX [Financial Post (Toronto, Ontario, Canada)]Financial Post
- OTC Markets Group Welcomes Generations Bancorp NY, Inc. to OTCQXGlobeNewswire
- Generations Bancorp NY, Inc. Announces Voluntary Nasdaq Delisting and SEC DeregistrationPR Newswire
- Rochester-Based ESL Federal Credit Union Announces Acquisition of Generations BankPR Newswire
GBNY
Sec Filings
- 11/14/24 - Form SC
- 10/30/24 - Form SC
- 10/23/24 - Form SC
- GBNY's page on the SEC website