SENECA FALLS — Seneca-Cayuga Bancorp Inc., the holding company for Generations Bank, together with the boards of directors of The Seneca Falls Savings Bank, MHC, the mutual holding company of the Bank and the 60 percent majority shareholder, expect to implement a second step stock conversion in which the mutual holding company would sell its majority ownership in a “second-step” stock offering. Simultaneously, the Bancorp would reorganize to a fully public stock holding company.
As part of the conversion and reorganization, the Bank would become a wholly owned subsidiary of a new holding company. Shares of common stock of the Bancorp, held by persons other than the mutual holding company (whose shares would be canceled) would be converted into shares of common stock of the new holding company pursuant to an exchange ratio generally intended to preserve their percentage ownership interests.
President and CEO Menzo D. Case commented, “We feel that a second step transaction is the best way to serve the interests of our stockholders, customers and community in today’s challenging banking environment.”
Bradford M. Jones, the chairman of the board, added that “this transaction represents the culmination of a long strategic planning effort as to how to best provide cutting edge banking products and services to our community members. Our bankers have worked long hours throughout the pandemic to provide much needed financial services in the Finger Lakes area and this transaction is yet another aspect of that effort.”
The second step transaction will be subject to the approval of stockholders, the voting members of the depositors, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency.
For more information, visit MyGenBank.com.