SENECA FALLS, N.Y. — Federal and state regulators have approved Generations Bank’s application to form a limited purpose commercial bank.
Both the Federal Deposit Insurance Corporation (FDIC) and the New York State Department of Financial Services reviewed the application, Generations said in a Tuesday news release.
The new subsidiary’s sole function 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, per the release.
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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,” Menzo Case, president and CEO of Generations Bank, contended. “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.”
Founded in 1870 and headquartered in Seneca Falls, Generations Bank has 11 branches in Seneca Falls, Auburn, Waterloo, Geneva, Union Springs, Phelps, Farmington, Albion and Medina.
Contact Reinhardt at ereinhardt@cnybj.com
