ESL Federal Credit Union is expanding. The Rochester-based company announced Tuesday that it is acquiring Generations Bank, which is a community bank based in Seneca Falls.
That bank has 9 branches, and ESL is acquiring Generations Bank $26.2 million in cash.
President and CEO for ESL, Faheem Masood, said this acquisition is a good culture fit because of the kind of company Generations Bank is.
“Very community oriented, employee oriented, as we talk to their principals there, we got a good feel for their valuing their employees, which is important to us, and given that we are a service business, having employees that feel valued and are providing the services to customers, being customer community oriented is always important,” Masood said.
The ESL leader also noted that this acquisition helps ESL expand further into the Finger Lakes.
“As we head out from Monroe County to the east, to Ontario, moving on to Seneca, Caygua, etc., we really only have branches in Ontario County, just in Victor and then out in Hopewell, Canandaigua area,” said Masood.
Of the 9 branches that Generations Bank has now, most are in the Finger Lakes, but there is also one located in Medina.
With the acquisition, ESL will increase its footprint to more than 30 full service branches throughout the Greater Rochester and Finger Lakes region.
In a statement, the President and CEO of Generations Bank, Angela Krezmer, said the combination of these two financial institutions “will assure that our customers, our employees and our communities have expanded financial services and membership benefits going forward." She said the deal also reflects the bank's commitment to enhance the value to its shareholders.
The acquisition is expected to be completed sometime next year.
