SENECA FALLS, N.Y. — ESL Federal Credit Union, of Rochester, will acquire Seneca Falls–based Generations Bank in a deal valued at $26.2 million, ESL announced. The acquisition expands ESL’s presence in the Greater Rochester and Finger Lakes region in Seneca, Cayuga, and Orleans counties while expanding its footprint into Ontario County. The combined financial institution […]
SENECA FALLS, N.Y. — ESL Federal Credit Union, of Rochester, will acquire Seneca Falls–based Generations Bank in a deal valued at $26.2 million, ESL announced.
The acquisition expands ESL’s presence in the Greater Rochester and Finger Lakes region in Seneca, Cayuga, and Orleans counties while expanding its footprint into Ontario County. The combined financial institution will have assets of $9.6 billion and more than 30 branches.
The boards of both financial institutions unanimously approved the deal, which ESL expects to close late in the second quarter or third quarter in 2025.
At that point, Generations Bank will liquidate and its parent company, Generations Bancorp, will distribute its assets to its shareholders, most likely in two separate payments of between an estimated $18 and $20 per share. Currently, Generations has nearly 2.3 million outstanding shares of common stock. Generations Bank has branches in Seneca Falls, Auburn, Union Springs, Waterloo, Geneva, Phelps, Farmington, and Medina.
“We are very excited about our new partnership with ESL Federal Credit Union,” Generations Bank President/CEO Angela Krezmer said in a statement. “The synergy created by combining these two companies coupled with the financial strength of the combined institution will assure that our customers, our employees, and our communities have expanded financial services and membership benefits going forward. We also believe it reflects our commitment to enhance the value to shareholders.”
ESL Federal Credit Union serves more than 429,000 members and 16, 800 businesses. Founded in 1920, ESL has 24 branches, employs 950 people, and has more than $9.2 billion in assets.
“This deal is a strong fit for ESL and Generations because both organizations are committed and dedicated to serving their employees, customers, and their communities,” ESL President/CEO Faheem Masood said in a statement. “We look forward to our future as a stronger, growing financial institution and bringing the superior experiences we are known for to employees and customers in new communities.”
Performance Trust Capital Partners served as financial advisor to ESL and Harter Secrest & Emergy LLP and Honigman LLP was its legal counsel. Keefe, Bruyette & Woods served as financial advisor to Generations with Luse Gorman, PC providing legal counsel.
