Bank / Credit Union

ESL Federal Credit Union to acquire Generations Bank

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October 3, 2024

ESL Federal Credit Union announced it will acquire all assets and liabilities of Generations Bank in a cash transaction. This transaction is expected to close in the third quarter of 2025, pending regulatory approval, according to a press release.

ESL Federal Credit Union will pay $26.2 million in cash for the transaction and Generations Bank will distribute its assets to shareholders in two separate payments. With this acquisition, ESL Federal Credit Union will be able to expand its presence in the Greater Rochester and Finger Lakes area and have more than 30 branches.

"We are very excited about our new partnership with ESL Federal Credit Union. 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. We also believe it reflects our commitment to enhance the value to our shareholders," Angela Krezmer, president and CEO of Generations Bank, said in the release.