SENECA
FALLS, N.Y., Sept. 24,
2024 /PRNewswire/ -- Generations Bancorp NY, Inc.
("Company") (Nasdaq: GBNY), the holding company for Generations
Bank ("Bank"), announced its voluntary decision to delist its
common stock from The Nasdaq Stock Market LLC ("Nasdaq") and its
intent to deregister its common stock with the Securities and
Exchange Commission ("SEC").
The Company has notified Nasdaq of its intent to voluntarily
delist and withdraw the registration of its common stock with the
SEC. The Company intends to file a Form 25 (Notification of Removal
from Listing) with the SEC on October 4,
2024, and expects the last trading day of the Company's
common stock on Nasdaq will be on October 4,
2024. Following delisting from Nasdaq, the Company expects
its common stock will be quoted on the OTCQX Market beginning on
October 7, 2024 and expects to retain
the symbol "GBNY."
The Company also intends to file a Form 15 (Certification and
Notice of Termination From Registration) with the SEC on or about
October 14, 2024. Upon filing, the
Company's obligation to file periodic reports with the SEC,
including Forms 10-K, 10-Q and 8-K, will be suspended immediately
and will terminate when deregistration becomes effective 90 days
after the Form 15 is filed.
The Company will continue to provide stockholders with an annual
report containing audited consolidated financial statements, and
quarterly interim financial information will be made available on
the Company's website at www.mygenbank.com. The Bank will
also continue to file quarterly Call Reports with the Federal
Deposit Insurance Corporation, which are available at
www.fdic.gov.
About the Company and Generations Bank
Generations Bancorp NY, Inc. is the parent of Generations Bank.
The Bank is a federally chartered savings bank headquartered in
Seneca Falls, New York. The Bank
was organized in 1870 and has operated continuously since that time
in the northern Finger Lakes region of New York State which is located in the central
to northwestern portion of New York
State. The Bank operates from its main office located in
Seneca Falls, New York, in
addition to eight full-service offices and one drive-through
facility located in Auburn,
Farmington, Geneva, Medina, Phelps, Union
Springs and Waterloo, New
York which are located throughout the northern Finger Lakes
region of New York State, which
includes parts of Cayuga,
Seneca, Ontario, and Orleans counties. Our address at our
headquarters is 20 East Bayard Street, Seneca Falls, New York 13148 and the telephone
number at our headquarters is (315) 568-5855.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and are based on
assumptions and may describe future plans, strategies and
expectations of the Company. Such forward looking statements may be
identified by reference to a future period or periods, or by the
use of forward-looking terminology, such as "believe," "intend,"
"plan," "expect," "will," "may," "should," "continue," or similar
terms or variations on those terms, or the negative of those terms.
Forward-looking statements, by their nature, are subject to risks
and uncertainties. Certain factors that could cause actual results
to differ materially from expected results include the Company's
ability to effect the termination of its obligation to file
periodic reports with the SEC, changes in the interest rate
environment, changes in general economic conditions, legislative
and regulatory changes that adversely affect the business of the
Company and the Bank, and changes in the securities markets. Except
as required by law, the Company does not undertake any obligation
to update any forward-looking statements to reflect changes in
belief, expectations or events.
Contact:
Angela
Krezmer, President and Chief Executive Officer
Generations Bancorp NY, Inc.
315-568-5855
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SOURCE Generations Bancorp NY, Inc.