Generations Bancorp NY, Inc. Transitions to OTCQX Market
Generations Bancorp NY, Inc. Voluntary Nasdaq Delisting
Generations Bancorp NY, Inc. (Nasdaq: GBNY), the holding company of Generations Bank, has made a significant decision to voluntarily delist its common stock from The Nasdaq Stock Market and to deregister its shares with the Securities and Exchange Commission (SEC). This move reflects the company's strategy to realign its market presence and simplify its operational reporting.
Timeline for Delisting and Deregistration
The company has officially notified Nasdaq of its intent to delist. A Form 25 will be filed with the SEC signaling the withdrawal of its common stock registration. The management anticipates that the last trading day for its stock on Nasdaq will be marked as the day of filing. Following this, Generations Bancorp expects to transition its common stock to the OTCQX Market.
Key Dates to Remember
The anticipated effective date for the delisting is near the start of the next month, marking a new chapter for the company. Stakeholders should pay close attention to the timeline, as the company's stock will shift to being quoted on the OTCQX Market. Generations Bancorp is committed to maintaining its stock symbol "GBNY" during this transition.
Continued Commitment to Transparency
Even as the company moves away from Nasdaq, it has assured its stockholders that it will continue to provide updates in the form of annual reports which include audited consolidated financial statements. Generations Bancorp aims to keep all involved parties informed about its financial health and operational updates through regular communications via their website.
Quarterly Reporting Obligations
The Bank will maintain its commitment to regular financial reporting by continuing to file quarterly Call Reports with the Federal Deposit Insurance Corporation, which will be accessible to the public. This ensures that stakeholders can track the company’s performance even after changing its listing.
About Generations Bancorp and Generations Bank
Generations Bancorp NY, Inc., as the parent company of Generations Bank, has a rich history that dates back to its establishment in 1870. Headquartered in a region known for its beauty and community spirit, the Bank operates various branches, offering a wide range of services tailored to meet the needs of its clients. The company takes pride in its longstanding tradition of community involvement and customer satisfaction.
Services Offered by Generations Bank
As a federally chartered savings bank, Generations Bank provides essential banking services including savings accounts, loans, and investment solutions to the communities it serves. Its long-standing presence in the region highlights its commitment to fostering financial wellness in its market.
Future Outlook
The decision to delist is part of Generations Bancorp’s broader strategy to enhance flexibility and adapt to the evolving financial landscape. By moving to the OTCQX Market, the company aims to increase its visibility for investors while reducing the compliance burden typically associated with maintaining a Nasdaq listing.
Advantages of OTCQX Listing
The OTCQX Market provides companies with an efficient platform that caters specifically to investors interested in publicly traded stocks. This transition not only streamlines their operations but also helps facilitate ongoing communication with stockholders and stakeholders.
Frequently Asked Questions
What led to the decision for Generations Bancorp to delist from Nasdaq?
The decision was driven by a desire to simplify operations and provide clearer communication to stakeholders through a more manageable reporting framework.
Will the company's stock symbol change after the transition?
No, Generations Bancorp will retain its current stock symbol "GBNY" even after moving to the OTCQX Market.
How will stockholders stay informed about company performance?
Stockholders will receive annual reports with audited financial statements and can access ongoing financial information through the company’s website.
What services does Generations Bank offer?
Generations Bank offers a variety of services including savings accounts, loans, and investment solutions designed to meet customer needs.
What are the benefits of being listed on the OTCQX Market?
The OTCQX Market offers a streamlined approach for companies to reach investors while reducing compliance burdens, enhancing visibility, and maintaining transparent operations.
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