Ribbon cutting set for Oct. 1 with merger of Medina S & L and Generations Bank
MEDINA – There will be a ribbon-cutting celebration at 9 a.m. Oct. 1 for the merger of Medina Savings & Loan and Generations Bank.
The ribbon cutting will be at the Medina Savings & Loan site at 11182 Maple Ridge Rd.
The two banking organizations on March 5 announced they would be merging.
Medina Savings & Loan has roots in Medina since 1888. With the merger, Generations Bank will be the surviving entity.
Seneca-Cayuga Bancorp is the holding company for Generations Bank. The merger is expected to increase Seneca-Cayuga’s consolidated assets from $291 million at December 31, 2017 to $344 million.
Medina’s existing branch offices – Maple Ridge Road in Medina and inside the Wal-Mart on Route 31 in Albion – will become branch offices of Generations Bank and are expected to operate under the name “MSL, a division of Generations Bank” for at least two years after completion of the merger, according to an announcement from the banks in March.
Additionally, two members of Medina’s board of directors will become members of the boards of directors of Generations Bank, Seneca-Cayuga and The Seneca Falls Savings Bank, MHC, the mutual holding company of Generations Bank and the 56.9% majority shareholder of Seneca-Cayuga.
Under the terms of the merger agreement, depositors of Medina will become depositors of Generations Bank and members of the MHC, and will have the same rights and privileges in the MHC, as if their accounts had been established in Generations Bank on the date established at Medina.
As part of the transaction, Seneca-Cayuga will issue shares of its common stock to the MHC in an amount equal to the fair value of Medina as determined by a third-party appraisal. These shares are expected to be issued concurrent with the completion of the merger.
