ESL FCU to buy Generations Bank in 16th CU-bank tie up of 2024
ESL is expected to have total assets of $9.6 billion and will increase its footprint to more than 30 branches at deal completion.
In a record-tying deal, ESL Federal Credit Union has agreed to acquire $401 million-asset Generations bank in Seneca Falls, New York.
The $9.3 billion-asset credit union in Rochester, New York, will pay $26.2 million in cash for the Generations Bancorp banking unit, and the bank will retain its equity.
Generations Bancorp has 2.2 million outstanding shares of common stock, and its shareholders are estimated to receive an aggregate of between $18 and $20 in cash in exchange for each share of Generations Bancorp common stock owned.
The deal, which is expected to close late in the second quarter or in the third quarter of 2025, marks the 16th time in 2024 that a bank has agreed to sell to a credit union – the same number of such deals announced two years ago, although only 14 of those transactions ultimately closed.
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