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ESL to Acquire Generations Bank and Seeks to Expand Service Area

To our loyal ESL members,

I’m excited to share that on September 23, 2024, we officially entered into an agreement to acquire substantially all of the assets of Generations Bank, a $350 million community bank founded in Seneca Falls, N.Y., that serves communities in Seneca, Cayuga, Ontario, and Orleans Counties through their nine branches in the region. With this acquisition, expected to be completed in 2025, ESL will be able to better serve Generations’ customers, small businesses, and our growing member-base in these communities through what will become an expanded branch footprint of more than 30 branches across the Greater Rochester and Finger Lakes regions.

We have experienced tremendous growth throughout our 104-year history, and with this next chapter in our history, we owe a great deal of thanks to the trust and loyalty you have shown to us all these years to make this growth possible.

With this transaction, ESL has found an opportunity that closely aligns with our values and commitment to the communities we serve. We always strive to provide superior experiences to our employees and our members and are excited to welcome Generations’ employees and customers to the ESL experience once the regulatory review process is completed in the coming months.

As we progress through this acquisition and integration of Generations, ESL customers can expect the following:

  • Improved access to branch locations and ATMs throughout the Finger Lakes.
  • No changes in our products or the level of service provided to current ESL members.
  • An enhanced commitment to reinvesting in the communities we serve.

As this deal advances, we’ll be sure to keep you informed as new information is available. You may have questions about this transaction, and we have provided a Q&A below.

As always, from all of us at ESL, thank you for your continued trust in us. We are very excited to continue on our path of growth in order to better serve our communities and meet the financial goals of our members.

With gratitude,

Faheem Masood's signature

Faheem Masood
President and CEO
ESL Federal Credit Union

General Q&A

Why did ESL choose to enter into this transaction?

ESL and Generations have been committed to serving the needs of their respective communities for more than 100 years. Generations was founded in 1870 and is known for their connection to community. The founding of ESL dates back to 1920 by business leader and philanthropist, George Eastman. Once the deal is finalized, we look forward to continuing our commitment of delivering superior experiences to our newest customers.

What is the timeframe for this acquisition?

We anticipate finalizing the acquisition in 2025, subject to regulatory approvals. We’re committed to making the transition process as smooth as possible. We will be sharing regular updates to ensure all stakeholders are informed.

Will there be a new name?

Following closing, we will retire the Generations name, and all locations and operations will be known as ESL Federal Credit Union going forward.

Will this have an impact on ESL products and services?

No, this transaction will not impact our existing products and services.

Will this have any impact on existing ESL members?

In addition to superior customer experience, we will continue to provide to you, ESL customers can expect the following:

  • Improved access to branch locations and ATMs throughout the Finger Lakes.
  • No changes in our products or the level of service provided to current ESL members.
  • An enhanced commitment to reinvesting in the communities we serve.