WARSAW, NY, June 13, 2022 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), parent company of Five Star Bank (the “Bank”), SDN Insurance Agency, LLC (“ SDN”), Courier Capital, LLC (“Courier Capital”) and HNP Capital, LLC (“HNP Capital”), today announced that its Board of Directors has approved a share buyback program of up to 766,447 common shares, or approximately 5% of the outstanding common shares of the Company.
The repurchase program allows shares to be repurchased in open market transactions and in accordance with any trading plan that may be adopted pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934.
The timing and number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The buyback program does not oblige the Company to purchase shares and it may be extended, modified or discontinued at any time.
About Financial Institutions, Inc.
Financial Institutions, Inc. provides diversified financial services through its subsidiaries Five Star Bank, SDN, Courier Capital and HNP Capital. Five Star Bank offers a wide range of personal, municipal and commercial banking and lending services through a network of more than 45 offices in Western and Central New York State and a production office in commercial loans in Ellicott City (Baltimore), Maryland. SDN offers a wide range of insurance services to individuals and businesses. Courier Capital and HNP Capital provide personalized investment management, investment advisory and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Financial Institutions, Inc. and its subsidiaries employ more than 600 people. The Company’s shares are listed on the Nasdaq Global Select Market under the symbol FISI. Additional information is available at www.fiiwarsaw.com.
Safe Harbor Statement
This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our future business and financial performance and financial condition, and often contain words such as “believe”, “estimate”, “expect”, “plan”, “have intend to”, “plan”, “preliminary”, “should” or “will”. The statements made herein are based on certain assumptions and analyzes of the Company and on factors it deems appropriate in the circumstances. Actual results could differ materially from those contained or implied by such statements for a variety of reasons, including but not limited to: macroeconomic volatility related to the impact of the COVID-19 pandemic and global political unrest; changes in interest rates; inflation; the Company’s ability to execute its strategic plan, including expanding its commercial lending footprint and integrating its acquisitions; if the Company incurs greater than expected credit losses; if the Company suffers breaches of its information systems or those of third parties; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, such as the action described in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), could harm us and the banking industry generally; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; and general economic and credit market conditions nationally and regionally. Accordingly, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary note in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with of the SEC. Except as required by law, the Company assumes no obligation to revise these statements after the date of this press release.
For more information, contact:
W. Jack Plants II
Financial Director & Treasurer
Five Star Bank and Financial Institutions, Inc.