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Geneva-based bank company gets OK for conversion

Geneva-based Finger Lakes Financial Corp. M.C.H. and Finger Lakes Financial Corp. are dissolving to form a new company called Finger Lakes Bancorp Inc. The new firm has received regulatory approval from the Office of Thrift Supervision to convert to a full stock holding company. Public shareholders’ stock will be converted, and officials anticipate the new shares will begin trading next week on NASDAQ as FLBC.

Geneva-based bank company gets OK for conversion

Geneva-based Finger Lakes Financial Corp. M.C.H. and Finger Lakes Financial Corp. are dissolving to form a new company called Finger Lakes Bancorp Inc.
Finger Lakes Bancorp has received regulatory approval from the Office of Thrift Supervision to convert to a full stock holding company. Public shareholders’ stock will be converted, said Terry Hammond, executive vice president and chief financial officer.
Officials anticipate the new shares to begin trading next week on NASDAQ as FLBC. In addition, minority shares, currently trading under the symbol SBFL, will be exchanged into shares of Finger Lakes Bancorp.
Savings Bank of the Finger Lakes, the subsidiary of Finger Lakes Bancorp., is a federally chartered savings institution founded in 1910 with seven offices in Geneva, Canandaigua, Ithaca and Auburn. It ranked 10th on the Rochester Business Journal’s recent list of area commercial and savings banks, ranked by local deposits.
As of Sept. 30, the bank had assets of approximately $314 million and stockholders’ equity of some $20.6 million.

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