Financial Institutions, Inc. Announces Common Stock Offering Pricing

WARSAW, N.Y., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (Nasdaq: FISI), the parent company of Five Star Bank and Courier Capital, LLC, has announced the pricing of its public offering for common stock. The offering will consist of 4,000,000 shares priced at $25.00 each.

The anticipated proceeds for Financial Institutions, Inc., after accounting for underwriter discounts and commissions, are around $95 million. Furthermore, the underwriters have been granted a 30-day option to buy an additional 600,000 shares at the same public offering price, excluding discounts.

The company plans to utilize the net proceeds from this offering for general corporate purposes. This may include restructuring its balance sheet by repositioning a significant portion of its available-for-sale debt securities portfolio to facilitate continued growth and repay existing debts.

Keefe, Bruyette & Woods, Inc., a Stifel Company, is appointed as the sole bookrunner for this offering, while Piper Sandler & Co. functions as the co-manager.

The company expects to finalize the offering around December 13, 2024, provided that all customary conditions are met.

Details About the Offering

This common stock offering is being executed under a registration statement on Form S-3 (File No. 333-283475), which received approval from the Securities and Exchange Commission (SEC) on December 4, 2024. A preliminary prospectus supplement has been filed with the SEC regarding this offering, and a final prospectus supplement along with the accompanying prospectus will follow. Interested investors are encouraged to read the final documents for comprehensive details about the company and the offering. These documents can be accessed for free on the SEC's website at www.sec.gov. When available, the final prospectus and related documents can also be requested from Keefe, Bruyette & Woods, Inc. by calling (800) 966-1559 or emailing [email protected].

No Solicitation

This announcement does not constitute an offer to sell or solicit an offer to purchase any securities. There will be no sale of securities in jurisdictions where such offers or sales are prohibited unless they meet the specific registration or qualification requirements under the applicable laws.

About Financial Institutions, Inc.

Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.2 billion in assets. It offers a range of banking and wealth management products and services. Its subsidiary, Five Star Bank, provides consumer and commercial banking services across Western and Central New York, while Courier Capital, LLC specializes in investment management, financial planning, and consulting services for a diverse client base that includes individuals, institutions, non-profits, and retirement plans. More information can be found at Five-StarBank.com and FISI-Investors.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements reflect the company's plans and projections regarding future business, objectives, and expected outcomes. Such statements are subject to uncertainties and may not be realized due to various factors. The company advises caution for those relying on these forward-looking statements, as actual results may differ based on numerous changing factors. Moreover, the company disclaims any obligation to update these statements except as required by law.

If you have further inquiries, please contact:

Investor Contact:
Kate Croft
Director of Investor and External Relations
(716) 817-5159
([email protected])

stock, offering, finance