On September 23, 2024, Generations Bancorp NY, Inc. and its wholly owned subsidiary, Generations Bank, announced the signing of a definitive purchase and assumption agreement with ESL Federal Credit Union, pursuant to which ESL Federal Credit Union will acquire the assets and assume the liabilities of Generations Bank in an all-cash transaction.  Following the completion of the acquisition, Generations Bancorp NY, Inc. will settle its remaining obligations and distribute its remaining cash to its shareholders.

Luse Gorman is serving as legal counsel to Generations Bancorp NY, Inc. and Generations Bank in the transaction.  The Luse Gorman team consists of Kip Weissman, Steve Lanter, Max Seltzer and Keeler Fina.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.