ESL Federal Credit Union to acquire Generations Bank, including Medina site

ROCHESTER – ESL Federal Credit Union will be acquiring the assets of Generations Bank, which operates a branch in Medina, the two organizations announced today.

Generations merged with the former Medina Savings & Loan in 2018. Generations is based at Seneca Falls and has nine locations including a site in Medina on Maple Ridge Road.

ESL said the acquisition allows the banking institution to significantly grow its presence throughout the Greater Rochester and Finger Lakes region, bringing personal banking, business banking, mortgage services, wealth management and its superior customer experience to customers throughout Seneca, Cayuga, and Orleans counties, while expanding its footprint in Ontario County.

Upon completion of the transaction with generations, ESL is expected to have total assets of approximately $9.6 billion and will increase its footprint to more than 30 full-service branches throughout the Greater Rochester and Finger Lakes region.

“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.  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,” said Faheem Masood, President and Chief Executive Officer of ESL Federal Credit Union.

As part of the agreement, ESL will pay Generations $26.2 million in cash and Generations Bank will retain its equity at the effective time of the purchase and assumption transaction, less certain reductions and additions, according to a press release from ESL and generations.

The deal is expected to close late in the second quarter or in the third quarter of 2025, subject to receiving all regulatory approvals, approval by Generations Bancorp’s shareholders and other customary closing conditions.

Following the completion of the transactions and after all of the respective obligations of Generations Bancorp and Generations Bank are settled, Generations Bank will liquidate and Generation Bancorp will distribute its assets to its shareholders, likely in two separate payments.

Generations Bancorp’s shareholders are currently estimated to receive an aggregate of between $18.00 and $20.00 in cash in exchange for each share of Generations Bancorp common stock owned. Currently, Generations Bancorp has 2,241,801 outstanding shares of common stock.

“We are very excited about our new partnership with ESL Federal Credit Union,” said Angela Krezmer, President and Chief Executive Officer of Generations Bank. “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 our shareholders.”