Generations Bancorp NY Set to Voluntarily Leave Nasdaq
Generations Bancorp NY, Inc. Announces Voluntary Delisting
Generations Bancorp NY, Inc. (NASDAQ: GBNY), the holding company for Generations Bank, has made a significant announcement regarding its common stock. The Company has decided to voluntarily delist its stock from The Nasdaq Stock Market LLC and desires to deregister its common stock with the Securities and Exchange Commission (SEC).
Steps for Delisting and Deregistration
The Company has formally communicated its intent to Nasdaq and plans to file a Form 25, which is a Notification of Removal from Listing, with the SEC. This filing is crucial as it initiates the process to withdraw from public trading on Nasdaq.
Expected Dates and Future Trading
Generations Bancorp anticipates that the last trading day on Nasdaq for its common stock will take place shortly after the Form 25 submission. Following this, it expects that its stock will continue to be quoted on the OTCQX Market, maintaining its trading symbol "GBNY." This transition aims to streamline operations and focus more on shareholder value.
Impact on Reporting Obligations
Upon deregistration, the Company's obligation to file periodic reports with the SEC will cease. Generations Bancorp will file a Form 15 as part of this process, which suspends its reporting responsibilities immediately and ends them after 90 days of filing. This period allows the Company to adjust its resources and focus more on its operational strategies.
Transparency to Shareholders
Despite these changes, Generations Bancorp assures its shareholders that it will continue to publish an annual report, which includes audited consolidated financial statements. Additionally, the Company will offer quarterly interim financial information accessible on its website to maintain transparency.
About Generations Bancorp and Generations Bank
Generations Bancorp NY, Inc. serves as the parent organization of Generations Bank. Established in 1870, Generations Bank is a federally chartered savings bank, which has undergone a rich history of service in the banking sector. With its headquarters positioned strategically in New York, the Bank has expanded its reach through eight full-service branches and one drive-through facility, ensuring that it meets the diverse needs of its customers.
Locations and Customer Engagement
The Bank operates in various locations, providing convenient access for customers in the northern Finger Lakes region. This extensive network of branches allows Generations Bank to deliver consistent service and foster strong community connections.
Commitment to Financial Health
Generations Bancorp emphasizes its commitment to maintaining financial health and stability. As it transitions to OTCQX, the Company aims to prioritize enhancing operational efficiencies while focusing on strategies that drive growth and support its shareholders.
Frequently Asked Questions
What prompted Generations Bancorp to delist from Nasdaq?
The Company aims to enhance operational focus and shareholder value, which led to the decision for voluntary delisting.
What will happen to Generations Bancorp's stock after delisting?
The stock is expected to continue trading under the symbol "GBNY" on the OTCQX Market.
How will the delisting affect shareholders?
Shareholders will receive annual reports and quarterly financial information, ensuring transparency throughout the process.
When will the delisting become effective?
The last trading day on Nasdaq is anticipated soon following the Form 25 filing, with OTCQX trading to begin shortly after.
Who can shareholders contact for more information?
Shareholders can reach out to Angela Krezmer, President and CEO, at the Company's headquarters.
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