Principal Financial Group Amends Generations Bancorp NY Inc. Stake

TL;DR

**Principal Financial Group updated its Generations Bancorp NY Inc. ownership, showing employee plan holdings.**

AI Summary

Principal Financial Group Inc., through its subsidiary Delaware Charter Guarantee & Trust Company, filed an amended SC 13G/A on February 12, 2024, indicating its ownership in Generations Bancorp NY Inc. as of December 31, 2023. This filing, Amendment No. 2, shows that Principal Trust Company acts as a Directed Trustee for the Generations Bank 401(k) Plan and Generations Bank Employee Stock Ownership Plan. This matters to investors because it provides transparency into institutional ownership, specifically how employee benefit plans hold shares, which can influence stock stability and long-term outlook.

Why It Matters

This filing provides updated information on institutional ownership of Generations Bancorp NY Inc. by Principal Financial Group, specifically through employee benefit plans, which can signal long-term commitment and stability.

Risk Assessment

Risk Level: low — This is a routine amendment to an ownership filing and does not indicate any immediate financial risk or significant change in strategy.

Analyst Insight

Investors should note that this filing is an update on institutional ownership by employee benefit plans, suggesting a long-term, stable holding rather than active trading. It's a routine disclosure that doesn't signal immediate buy/sell action but provides transparency on who holds the stock.

Key Numbers

• 0001126328-24-000034 — Accession Number (Unique identifier for this specific SEC filing.)
• 20240212 — Filed As Of Date (The date this amendment was filed with the SEC.)
• 20231231 — Date of Event Which Requires Filing (The date as of which the ownership information is being reported.)
• 37149G108 — CUSIP Number (Unique identifier for Generations Bancorp NY Inc.'s Common Stock.)
• 005-91987 — SEC File Number (The SEC file number for Generations Bancorp NY Inc.)

Key Players & Entities

• Principal Financial Group Inc. (company) — filer of the SC 13G/A
• Generations Bancorp NY Inc. (company) — the subject company whose shares are being reported
• Delaware Charter Guarantee & Trust Company (company) — subsidiary of Principal Financial Group, acting as Directed Trustee
• Principal Trust Company (company) — dba of Delaware Charter Guarantee & Trust Company, acting as Directed Trustee
• Generations Bank 401(k) Plan (company) — one of the plans for which Principal Trust Company is a Directed Trustee
• Generations Bank Employee Stock Ownership Plan (company) — one of the plans for which Principal Trust Company is a Directed Trustee

Forward-Looking Statements

• The ownership structure of Generations Bancorp NY Inc. through employee plans will remain stable. (Generations Bancorp NY Inc.) — medium confidence, target: 2025-12-31

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securitie

Filing Documents

• a13gagenerationsbancorpnyi.htm (SC 13G/A) — 59KB
• 0001126328-24-000034.txt ( ) — 60KB

If this statement is filed pursuant to Rule 13D-1(b) or 13D-2(b) or (c), check whether the person filing is a

Item 3. If this statement is filed pursuant to Rule 13D-1(b) or 13D-2(b) or (c), check whether the person filing is a (f) x An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F)

Ownership

Item 4. Ownership Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned Delaware Charter Guarantee Trust Company dba Principal Trust Company (the "Trustee"), in its capacity as the Directed Trustee of the Generations Bank 401(k) Plan and Generations Bank Employee Stock Ownership Plan (the "Plans"), may be deemed, as of December 31, 2023, the beneficial owner of 232,531 shares, in the aggregate, of the Issuer's common stock which are owned by the Plans on behalf of numerous participants. The securities reported include all shares held of record by the Trustee. The Trustee follows the directions of the investment fiduciary named in the Plans, or other parties designated in the respective Plan's trust agreement, with respect to voting and disposition of shares. The Trustee, however, is subject to certain fiduciary duties under ERISA as limited in the trust agreements. The Trustee disclaims beneficial ownership of the shares of common stock that are the subject of this Schedule 13G. (b) Percent of class The 232,531 shares of common stock represent 10.40% of the Issuer's outstanding shares of common stock. The percent of class is based on shares outstanding as of December 31, 2023, as provided by the Issuer. CUSIP No. 37149G108 13GA Page 4 of 5 (c) Number of shares as to which such person has (i) Sole power to vote or to direct the vote 0 (ii) Shared power to vote or to direct the vote 232,531 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 232,531

Ownership of Five Percent or Less of Class

Item 5. Ownership of Five Percent or Less of Class Not Applicable

Ownership of More Than Five Percent on Behalf of Another Person

Item 6. Ownership of More Than Five Percent on Behalf of Another Person Not Applicable Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company Not Applicable

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group Not Applicable

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group Not Applicable

Certification

Item 10. Certification By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of having or influencing the control of the issuer of the securities and are not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. CUSIP No. 37149G108 13GA Page 5 of 5 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Delaware Charter Guarantee Trust Company As Directed Trustee s Christopher Taylor Christopher Taylor COO February 12, 2024

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View this SC 13G/A filing on SEC EDGAR