Generations Bancorp NY, Inc.
generationsbancorpny.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2024 10-Q, filed Aug 9, 2024. Its latest SEC filing is a SC 13G/A from Nov 14, 2024.
10-Q for Q2 FY2024, filed Aug 9, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Takes deposits and makes residential, consumer and business loans for consumers, businesses, and New York State and county municipalities.
10-K for FY2023, filed Apr 1, 2024Our business consists primarily of taking deposits from the general public and, through our commercial bank subsidiary, Generations…View ↗
How Did They Make Money?
Debit-card use brings interchange income tied to transaction value, while noncustomers pay fixed ATM surcharges per transaction. The bank also earns deposit transaction, monthly account and overdraft fees, receives insurance commissions through monthly carrier remittances, collects loan late fees, and recorded a gain when Northwoods bought its agency book.
10-K for FY2023, filed Apr 1, 2024Debit card interchange and surcharge income: The Company earns interchange income from debit cardholder transactions conducted through the…View ↗
Service charges on deposit accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and…View ↗
Insurance commissions and fees and net gain on sale of Generations Agency: Regular commissions are earned upon the effective date of bound…View ↗
Loan servicing fees: The majority of income derived from loans is excluded from the scope of the amended guidance on accounting for revenue…View ↗
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10-K for FY2023, filed Apr 1, 2024
FY2023 revenue by product or service ↗
$1.9M
-
10-K for FY2023, filed Apr 1, 2024
$1.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Service charges on deposit accounts
|
29%
FY2020: 25%
|
Service charges on deposit accounts, FY2023
$541K Sources
|
|
|
Debit card interchange and surcharge income
Usage-based
10-K for FY2023, filed Apr 1, 2024 |
39%
FY2020: 33%
|
Debit card interchange and surcharge income, FY2023
$731K Sources
|
Usage-based |
|
Insurance commissions
Sold outright
|
8.3%
FY2020: 33%
|
Insurance commissions, FY2023
$156K Sources
|
Sold outright |
|
Net gain on sale of Generations Agency
Sold outright
10-K for FY2023, filed Apr 1, 2024 |
17% |
Net gain on sale of Generations Agency, FY2023
$312K Sources
|
Sold outright |
|
Loan servicing fees
Usage-based
|
7.4%
FY2020: 5.4%
|
Loan servicing fees, FY2023
$139K Sources
|
Usage-based |
Who Were Their Customers?
The bank serves consumers and businesses with loans, deposits and traditional banking services, principally in the Finger Lakes region and Orleans County; its commercial bank subsidiary also takes deposits from New York State and county municipalities and agencies.
10-K for FY2023, filed Apr 1, 2024
Did Revenues Turn Into Profits?
Not on paper. It lost $1.6M in FY2023, but brought in more cash than it spent: $1.7M of free cash flow.
How Were They Changing?
- Net income
-
Sources
10-Q for Q2 FY2024, filed Aug 9, 2024
−$841KView ↗
- ▲ +407% (Loss)
- vs −$166K in Q2 FY2023
10-Q for Q2 FY2024, filed Aug 9, 2024
Open tableView ↗
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Sep 24, 2024
Agreed to sell substantially all bank assets and liabilities to ESL
The $26.2 million cash sale is expected to close in 2025; the bank and parent then plan to dissolve.
Sources
8-K, filed Sep 24, 2024
The Agreement was unanimously approved by the Boards of Directors of each of Generations Bancorp, Generations Bank and ESL Federal Credit…View ↗
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Sep 24, 2024
Plans to delist from Nasdaq and deregister its shares
It expects OTCQX quotation to begin October 7, 2024; filing Form 15 would suspend periodic SEC reporting.
Sources
8-K, filed Sep 24, 2024
On September 23, 2024, Generations Bancorp NY, Inc. (the “Company”) notified the Nasdaq Stock Market, LLC (“Nasdaq”) of its intent to file…View ↗
Shrank. Revenue fell 31% in 4 years, from $2.7M in FY2019 to $1.9M in FY2023, about 9% a year.
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