Financial Institutions, Inc. Completes Acquisition of Courier Capital
January 06 2016 - 4:05PM
Financial Institutions, Inc. (Nasdaq:FISI), a leading Western New
York diversified financial holding company, announced today that it
has closed on the acquisition of Courier Capital Corporation, a
prominent SEC-registered investment advisory and wealth management
firm based in Western New York, with offices in Buffalo and
Jamestown. Courier now operates as a subsidiary of Financial
Institutions, Inc. and as an affiliate of Five Star Bank and Scott
Danahy Naylon Insurance.
With $1.2 billion in assets under management,
Courier Capital offers customized investment management, investment
consulting and retirement plan services to over 1,100 individuals,
businesses and institutions.
“The acquisition of Courier Capital reflects our
commitment to an expanded revenue base and increased noninterest
income,” said Martin K. Birmingham, president and chief executive
officer of Financial Institutions, Inc. “In one step we meet the
growing needs of our customers, raise our profile in key markets,
and acquire a platform to support future growth in investment
advisory and wealth management.”
The acquisition of Courier Capital, which is
expected to be an EPS accretive transaction with an expected
internal rate of return of 15%, aligns with Financial Institutions’
plan to capitalize on opportunistic situations that drive increased
market share and grow revenue opportunities, while continuing to
strengthen brand value and achieve operational efficiencies.
“Through our strategic growth initiatives, we
are a fast growing and highly respected independent provider of
diversified financial services in Western New York,” Birmingham
said. “We are a relationship-oriented community bank whose retail
and business customers value the personal attention we deliver. At
a time when other financial services providers are leaving upstate
New York or divesting their upstate New York assets, Financial
Institutions is expanding. Courier Capital is a premier wealth
manager in the region, and its addition to our family of companies
is fundamental to our long-term goals.”
About Financial Institutions,
Inc.
Financial Institutions, Inc. provides
diversified financial services through its subsidiaries, Five Star
Bank, Scott Danahy Naylon and Courier Capital. Five Star Bank
provides a wide range of consumer and commercial banking services
to individuals, municipalities and businesses through a network of
over 50 offices and more than 60 ATMs throughout Western and
Central New York State. Scott Danahy Naylon provides a broad
range of insurance services to personal and business clients across
44 states. Courier Capital provides customized investment
management, investment consulting and retirement plan services to
individuals, businesses, institutions, foundations and retirement
plans. Financial Institutions, Inc. and its subsidiaries
employ approximately 650 individuals. The Company’s stock is
listed on the Nasdaq Global Select Market under the symbol FISI and
is a member of the NASDAQ OMX ABA Community Bank Index.
Additional information is available at the Company’s website:
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. Statements herein are based on certain assumptions
and analyses by Financial Institutions, Inc. (the “Company”) and
are factors it believes are appropriate in the circumstances.
Actual results could differ materially from those contained in or
implied by such statements for a variety of reasons including, but
not limited to: Courier’s financial results after the acquisition
being significantly different than its historical results or the
Company’s internal projections; Courier’s historical financial
results being inaccurate or materially different once prepared in
accordance with GAAP; changes in interest rates; changes in
accounting principles, policies, or guidelines; changes in the
Company’s dividend policy; significant changes in the economy in
the markets the Company serves; significant changes in regulatory
requirements; Courier’s compliance with regulatory requirements;
unforeseen difficulties in integrating Courier with the Company;
and significant changes in securities markets. Consequently, all
forward-looking statements made herein are qualified by these
cautionary statements and the cautionary language in the Company’s
Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and
other documents filed with the SEC. Except as required by
law, the Company undertakes no obligation to revise these
statements following the date of this press release.
For additional information:
Investors:
Kevin B. Klotzbach
Executive Vice President, Chief Financial Officer & Treasurer
Phone: 585.786.1130
Email: KBKlotzbach@five-starbank.com
Jordan Darrow
Darrow Associates
Phone: 631.367.1866
Email: jdarrow@darrowir.com
News Media:
Brandonne Rankin
McDougall Communications
Phone: 585.313.3683
Email: brankin@mcdougallpr.com
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