Generations Bancorp NY, Inc. Announces Voluntary Delisting
Generations Bancorp NY, Inc. (NASDAQ: GBNY), the parent company of Generations Bank, has made an important announcement concerning its common stock. The Company has chosen to voluntarily delist its stock from The Nasdaq Stock Market LLC and aims to deregister its common stock with the Securities and Exchange Commission (SEC).
Steps for Delisting and Deregistration
The Company has officially informed Nasdaq of its intentions and plans to submit a Form 25, which serves as a Notification of Removal from Listing, to the SEC. This filing is a key step that kicks off the process of withdrawing from public trading on Nasdaq.
Expected Dates and Future Trading
Generations Bancorp expects that the last day of trading for its common stock on Nasdaq will happen soon after the submission of the Form 25. After that, its stock will continue to be quoted on the OTCQX Market, keeping the trading symbol "GBNY." This shift is intended to streamline its operations and put a greater focus on shareholder value.
Impact on Reporting Obligations
Once deregistered, the Company's obligation to file periodic reports with the SEC will end. As part of this process, Generations Bancorp will submit a Form 15, which will suspend its reporting duties immediately and finalize them 90 days after the filing. This time will allow the Company to reallocate its resources and concentrate on operational strategies.
Transparency to Shareholders
Even with these changes, Generations Bancorp reassures its shareholders that it will still provide an annual report, which will include audited consolidated financial statements. Furthermore, the Company will share quarterly interim financial information on its website to ensure transparency.
About Generations Bancorp and Generations Bank
Generations Bancorp NY, Inc. is the parent entity of Generations Bank. Founded in 1870, Generations Bank is a federally chartered savings bank with a long-standing history in the banking industry. Headquartered in New York, the Bank has broadened its services through eight full-service branches and a drive-through facility, catering to the diverse needs of its customers.
Locations and Customer Engagement
The Bank operates across several locations, offering easy access for customers throughout the northern Finger Lakes region. This extensive branch network allows Generations Bank to provide reliable service and build strong ties with the community.
Commitment to Financial Health
Generations Bancorp is dedicated to maintaining its financial health and stability. As it transitions to the OTCQX, the Company plans to enhance its operational efficiencies while focusing on growth strategies that benefit its shareholders.
Frequently Asked Questions
What prompted Generations Bancorp to delist from Nasdaq?
The decision for voluntary delisting was made to enhance operational focus and increase shareholder value.
What will happen to Generations Bancorp's stock after delisting?
The stock is expected to keep trading under the symbol "GBNY" on the OTCQX Market.
How will the delisting affect shareholders?
Shareholders will continue to receive annual reports and quarterly financial updates, ensuring transparency during the transition.
When will the delisting become effective?
The last trading day on Nasdaq is expected to take place shortly after the Form 25 is filed, with trading on OTCQX to begin soon after.
Who can shareholders contact for more information?
Shareholders can contact Angela Krezmer, the President and CEO, at the Company's headquarters for any inquiries.
