Financial Institutions, Inc. Announces Pricing of Common Stock Offering
Financial Institutions, Inc., based in Warsaw, New York, has announced the pricing for its public offering of common stock. The company, which is the parent organization of Five Star Bank and Courier Capital, LLC, plans to sell 4,000,000 shares at a price of $25.00 each.
The expected proceeds from this offering are estimated to be around $95 million, after deducting any underwriting discounts and commissions, but before accounting for the operational expenses that the company will incur.
Additionally, Financial Institutions, Inc. has given the underwriters a special option to buy an extra 600,000 shares within a period of 30 days, under the same public offering price, minus the underwriting fees.
The company intends to use the funds raised for various corporate purposes. This may include restructuring its balance sheet by adjusting a large part of its available-for-sale debt securities portfolio in order to facilitate ongoing growth, as well as repaying existing debts.
Offering Details
The public stock offering is conducted under a registration statement on Form S-3, which the Securities and Exchange Commission (SEC) approved on December 4, 2024. A preliminary prospectus related to this offering has already been submitted to the SEC, and a final prospectus will follow shortly.
Investors are encouraged to read the complete final prospectus and associated documents filed with the SEC to obtain more comprehensive information about Financial Institutions, Inc. and the stock offering. These documents will be made available for free on the SEC's website.
Important Disclaimers
This announcement is not an offer to sell, nor is it a solicitation to buy any securities. There will be no sale of securities in any locations where such an offer or sale would be illegal prior to proper registration or qualification under applicable securities laws.
About Financial Institutions, Inc.
Financial Institutions, Inc. (NASDAQ: FISI) is a prominent financial holding company managing assets worth approximately $6.2 billion. It offers a variety of banking and wealth management services through its Five Star Bank subsidiary, which caters to individual consumers, municipalities, and businesses in Western and Central New York, as well as the Mid-Atlantic region. Courier Capital, LLC delivers tailored investment management, financial planning, and consulting for diverse clients, including individuals, businesses, and non-profits.
Forward-Looking Statements
The company’s announcement includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements represent the company’s beliefs and expectations regarding future events and financial performance. However, these projections may be affected by various known and unknown risks and uncertainties that could result in significant differences in actual performance.
The company has provided information that could result in actual outcomes differing from those projected, which includes various economic conditions and market factors beyond their control.
Contact Information
For further inquiries, you may contact:
Kate Croft
Director of Investor and External Relations
(716) 817-5159
[email protected]