ROCHESTER, N.Y. — ESL Federal Credit Union (ESL) of Rochester says it has completed the acquisition of substantially all of the assets of Generations Bancorp NY, Inc., the holding company of Generations Bank.
ESL’s acquisition of Seneca Falls–based Generations was completed on Jan. 1, per the announcement. Founded in 1870, Generations Bank operates branch offices in Seneca Falls, Auburn, Union Springs, Waterloo, Geneva, Phelps, Farmington, and Medina.
The deal allows ESL to “significantly grow” its presence throughout the greater Rochester and Finger Lakes region, adding eight new locations. ESL now has 33 full-service branches, including a new branch presence in Cayuga, Orleans, and Seneca counties while expanding its footprint in Ontario County.
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ESL now holds more than $9.8 billion in assets and has more than 1,000 employees.
The deal required regulatory approval from the Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC), with all regulators providing approval in 2025.
Conversion of Generations accounts is expected to take place on Feb. 1. Post closing, the credit-union membership grows to about 459,000 total members and nearly 18,200 businesses.
“We’re excited to complete the acquisition of Generations Bank, marking a significant milestone for ESL and for the communities we serve,” Faheem Masood, president and CEO of ESL Federal Credit Union, said in the announcement. “We look forward to building new relationships with employees, customers, local businesses and partners that are now part of our shared home. We also commit to investing in the people and places across Cayuga, Ontario, Orleans, and Seneca counties.”
