Welcome to our dedicated page for Financial Institutions news (Ticker: FISI), a resource for investors and traders seeking the latest updates and insights on Financial Institutions stock.
Financial Institutions, Inc. (NASDAQ: FISI) is a diversified financial holding company with a rich history of community banking spanning over 200 years. With approximately $6.2 billion in assets as of December 31, 2023, FISI operates through its main subsidiaries, Five Star Bank and Courier Capital, LLC.
Five Star Bank, a key subsidiary, offers a comprehensive range of consumer and commercial banking services to individuals, municipalities, and businesses across Western and Central New York. With a robust network of over 50 branches and more than 60 ATMs, Five Star Bank ensures that banking services are accessible to its community. The bank takes pride in its dedicated team of over 600 employees who work in an environment of trust, integrity, and mutual respect.
Recently, Five Star Bank has launched a new digital lending capability to enhance convenience for small business customers across New York State. This initiative marks a significant step towards modernizing the bank's services and meeting evolving customer needs.
Beyond traditional banking, Courier Capital, LLC offers customized investment management, financial planning, and consulting services to a diverse clientele, including individuals, families, businesses, institutions, non-profits, and retirement plans. This diversification supports the company's goal of providing comprehensive financial solutions tailored to client needs.
In a strategic move to focus on its core banking business, Financial Institutions, Inc. recently closed the sale of its wholly-owned subsidiary, SDN Insurance Agency, LLC, to NFP Property & Casualty Services, Inc. This transaction not only strengthens FISI's capital position but also ensures continued growth for SDN under NFP's stewardship.
Committed to community involvement, Five Star Bank supports a variety of non-profit organizations and neighborhood charities, underscoring its role as a community-focused bank. Every interaction with Five Star Bank is an opportunity for a professional, relationship-building experience.
For the latest updates and detailed financial information, investors and interested parties can visit FISI-Investors.com or contact Kate Croft, Director of Investor and External Relations at klcroft@five-starbank.com.
Financial Institutions, Inc. (NASDAQ:FISI) has announced an agreement to acquire the assets of Landmark Group, an independent Rochester insurance brokerage. The acquisition, set to enhance SDN Insurance Agency’s offerings, aims to diversify non-interest income and expand operations in the Rochester/Finger Lakes region. Landmark, established in 1984, specializes in various insurance solutions. Key personnel from Landmark will remain to lead operations post-acquisition, which is expected to close in Q1 2021, pending typical conditions.
Financial Institutions, Inc. (NASDAQ:FISI) declared a quarterly cash dividend of $0.26 per common share, along with dividends of $0.75 on its Series A preferred stock and $2.12 on Series B-1 preferred stock. These dividends are payable on January 4, 2021, to shareholders of record on December 21, 2020. The company operates through its subsidiaries, including Five Star Bank, and employs approximately 630 individuals, providing a range of financial services across New York State.
Five Star Bank has joined the Alloy Labs Alliance, a consortium aimed at enhancing technology adoption among community banks. This membership enables Five Star Bank to innovate faster and compete effectively against larger financial institutions. With over 40 members, the alliance focuses on sharing resources and best practices, allowing banks to improve digital banking services. Five Star Bank has already upgraded its digital capabilities to meet customer demands for seamless banking experiences.
Financial Institutions, Inc. (NASDAQ:FISI) has announced a stock repurchase program allowing for the buyback of up to 801,879 shares, which represents about 5% of its outstanding common stock. The repurchase will be executed in open market transactions according to the rules of the Securities Exchange Act. The timing and volume of shares repurchased will depend on various factors, including market conditions and liquidity requirements. This program demonstrates the company's commitment to enhancing shareholder value while retaining flexibility in capital management.
Financial Institutions reported its third-quarter results for 2020, with a net income of $12.3 million, a slight decline from $12.8 million in Q3 2019. Earnings per diluted share decreased from $0.78 to $0.74. However, pre-tax pre-provision income reached a record high of $19.2 million. The company experienced growth in its commercial mortgage portfolio (5.4%) and residential real estate loans (2.0%). Total assets rose to $4.96 billion, alongside a significant increase in deposits. The company also issued $35 million in subordinated notes to strengthen capital ratios amidst ongoing economic challenges.
Financial Institutions, Inc. (NASDAQ:FISI) will disclose its third-quarter earnings for the period ending September 30, 2020, post-market on October 29, 2020. An earnings conference call is scheduled for October 30, 2020, at 8:30 a.m. ET, featuring Martin K. Birmingham, President, and Justin K. Bigham, CFO. Financial Institutions, Inc. operates through subsidiaries, including Five Star Bank and SDN Insurance Agency, offering a variety of financial services across Western and Central New York State. The call will be accessible via their website or by phone.
Financial Institutions, Inc. (NASDAQ:FISI) has successfully completed a private placement of $35 million in fixed-to-floating rate subordinated notes due 2030. The notes, bearing an interest rate of 4.375% until 2025, will then reset quarterly. These funds will be used for general corporate purposes and to enhance regulatory capital ratios at Five Star Bank. The offering received a BBB- rating from Kroll Bond Rating Agency and is viewed positively by the market, indicating strong financial health. The company emphasizes this capital will not dilute current shareholders.
Five Star Bank, a subsidiary of Financial Institutions, Inc. (NASDAQ:FISI), has appointed Timothy Perrotta as Senior Vice President and Director of Human Resources. Perrotta, who joined the Bank in 2018, will oversee all HR functions following his successful management of HR responsibilities earlier this year. His past experience includes a managerial role at Wegmans Food Market, and he holds an MBA from the University of Rochester. President and CEO Martin K. Birmingham praised Perrotta's leadership and contributions towards the company's professional development.
Five Star Bank, a subsidiary of Financial Institutions, Inc. (NASDAQ: FISI), announced the appointment of Kevin Quinn as Senior Vice President and Commercial Banking Executive, effective August 10, 2020. Quinn, who has extensive experience in commercial banking, will oversee various services including commercial lending and business banking. He succeeds Edward Oexle, who is retiring on August 4. The Bank's President and CEO, Martin K. Birmingham, expressed confidence in Quinn's capabilities to enhance business growth and community involvement.
Financial Institutions, Inc. (Nasdaq:FISI) reported net income of $11.1 million for Q2 2020, a slight decline from $11.4 million in Q2 2019. After preferred dividends, net income available to common shareholders was $10.8 million or $0.67 per diluted share. Pre-tax pre-provision income rose to $17.3 million. The company helped 1,700 small businesses with approximately $270 million in PPP loans. Total assets increased to $4.68 billion, and total loans reached $3.49 billion, reflecting strong loan growth despite COVID-19 challenges. The bank also launched a new digital banking platform.
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