Generations Bank gets regulator approval for municipal deposits
Press Release, Generations Bank
(Editor’s Note: Generations Bank recently completed a merger with Medina Savings & Loan.)
The Federal Deposit Insurance Corporation (FDIC) and the New York State Department of Financial Service have approved Generations Bank’s application to form a limited purpose commercial bank.
The sole function of the new subsidiary is to allow municipalities and other public entities to make deposits with Generations. New York is the only state that requires public funds be held exclusively in a commercial bank.
The move positions the bank to pursue new opportunities for growth, as well as the growth of the communities it serves.
“The limited purpose commercial bank is an important development for Generations and for our communities,” commented Menzo Case, President and CEO of Generations Bank. “By placing funds on deposit with Generations, our local towns, villages and schools can be sure that their funds will be put back to work, right here in our community, creating opportunities for growth and building our local economy.”
Generations Bank partners with businesses, municipalities and residents across the Finger Lakes Region and Western New York. Founded in 1870 and headquartered in Seneca Falls, Generations Bank serves the community from 11 retail locations in Seneca Falls, Auburn, Waterloo, Geneva, Union Springs, Phelps, Farmington, Albion and Medina.