ESL Federal Credit Union enters deal to acquire Generations Bank

ROCHESTER, N.Y. (WROC) — ESL Federal Credit Union has made a deal to acquire Generations Bank in a $26.2 million cash deal.

The purchase means that ESL will acquire all of Generations Bank's assets and liabilities. Generations Bank will then liquidate and Generation Bancorp will distribute assets to shareholders. Generation Bancorp shareholders are likely to receive $18 to $20 in cash for each share of stock owned.

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After this acquisition, ESL is expected to continue its growth through the Seneca, Cayuga, Orleans, and Ontario counties. It will increase its footprint to over 30 branches throughout the area and will have $9.6 billion in total assets.

Generations Bank has nine locations across the Finger Lakes and Western New York, including in Geneva, Farmington, and Medina.

"The synergy created by combining these two companies coupled with the financial strength of the combined institution will assure that our customers, our employees, and our communities have expanded financial services and membership benefits going forward," Generations Bank CEO Angela Krezmer said in a statement.

This transaction is expected to close in the second or third quarter of 2025.