Seneca Falls, N.Y.-based Seneca-Cayuga Bancorp Inc. (MHC) has applied with the Federal Deposit Insurance Corp. to form a commercial bank called Generations Commercial Bank, American Banker reported May 30.
Generations Commercial Bank will offer banking services to municipalities in New York, according to the news outlet. Seneca-Cayuga is forming a separate bank because mutual banks in New York are not permitted to work with municipalities, the publication reported, citing A.G. Cutrona, director of growth and profitability at Seneca-Cayuga's unit Generations Bank (MHC).
