UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry into a Material Definitive Agreement.
Effective as of July 19, 2024, Generations Bank (the “Bank”), the wholly owned subsidiary of Generations Bancorp NY, Inc., entered into a written agreement (the “Agreement”) with the Office of the Comptroller of the Currency (the “OCC”), the Bank’s primary regulator. The Agreement provides, among other things, that the Bank and/or its Board of Directors:
| · | Establish a Compliance Committee to monitor and oversee the Bank’s compliance with the provisions of the Agreement, and to submit written progress reports to the Board that must be transmitted to the OCC; |
| · | Prepare a written board oversight and corporate governance program to provide for the overall direction, oversight, and corporate governance of the Bank; |
| · | Prepare a written strategic plan for the Bank covering at least a three-year period, and to submit evaluations of the Bank’s performance against the Strategic Plan to the Board and to the OCC; |
| · | Develop a written liquidity risk management program for the Bank, to include, among other things, a contingency funding plan; and |
| · | Develop a written interest rate risk management program for the Bank, to include risk management systems to identify, measure, monitor, and control interest rate risk. |
The foregoing description of the Agreement is qualified in its entirety by reference to the Agreement which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Agreement by and between Generations Bank and the Office of the Comptroller of the Currency, dated July 19, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| GENERATIONS BANCORP NY, INC. | ||
| DATE: July 22, 2024 | By: | /s/ Angela M. Krezmer |
| Angela M. Krezmer | ||
| Chief Executive Officer | ||