Generations Bank Receives Regulators’ Approval for Limited Purpose Commercial Bank
SENECA FALLS N.Y. – The Federal Deposit Insurance Corporation (FDIC) and the New York State Department of Financial Service have approved Generations Bank’s application to form a limited purpose commercial bank. The sole function of the new subsidiary is to allow municipalities and other public entities to make deposits with Generations. New York is the only state that requires public funds be held exclusively in a commercial bank.
“The limited purpose commercial bank is an important development for Generations and for our communities,” commented Menzo Case, President and CEO of Generations Bank. “By placing funds on deposit with Generations, our local towns, villages and schools can be sure that their funds will be put back to work, right here in our community, creating opportunities for growth and building our local economy.”
About Generations Bank
Generations Bank partners with businesses, municipalities and residents across the Finger Lakes Region and Western New York. Founded in 1870 and headquartered in Seneca Falls, Generations Bank serves the community from 11 retail locations in Seneca Falls, Auburn, Waterloo, Geneva, Union Springs, Phelps, Farmington, Albion and Medina. Generations was named one of CNY Best Places to work in 2015, 2016, 2017 and 2018.
In addition to traditional business and consumer deposit services, Generations Bank focuses on residential mortgages, as well as manufactured home, automobile, home equity, commercial, non-residential real estate and construction loans. The organization also serves the broader needs of the Finger Lakes area and Western New York through its insurance business, Generations Agency and financial planning and brokerage services offered by Generations Investment Services. For more information, visit MyGenBank.com
Bank Member FDIC.