Generations Bank Receives Regulators’ Approval for Limited Purpose Commercial Bank
SENECA FALLS N.Y. – The Federal Deposit Insurance Corporation (FDIC) and the New York State Department of Financial Service have approved Generations Bank’s application to form a limited purpose commercial bank. The sole function of the new subsidiary is to allow municipalities and other public entities to make deposits with Generations. New York is the only state that requires public funds be held exclusively in a commercial bank.
“The limited purpose commercial bank is an important development for Generations and for our communities,” commented Menzo Case, President and CEO of Generations Bank. “By placing funds on deposit with Generations, our local towns, villages and schools can be sure that their funds will be put back to work, right here in our community, creating opportunities for growth and building our local economy.”
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