Rochester-based ESL Federal Credit Union is set to acquire Generations Bank.

The two sides have agreed to a deal with ESL purchasing Generations for $26.2 million cash. With that deal, officials say ESL will acquire most of Generations' assets and liabilities, including its deposit account. Generations will also liquidate its remaining assets with shareholders expected to get between $18 and $20 per share.

The acquisition is expected to close in the second or third quarter next year, if approved. 

Generations Bank has several locations throughout the region, including Farmington, Geneva and Phelps.  

ESL says the deal will allow it to significantly grow its presence throughout the Greater Rochester and Finger Lakes regions, bringing personal banking, business banking, mortgage services, wealth management and more to customers throughout Seneca, Cayuga and Orleans Counties, while expanding its presence in Ontario County.