For Immediate Release
Contact: Matt Murtha, Director of Marketing
(585) 786-7611, mtmurtha@five-starbank.com
Five Star Bank Agrees to Acquire Eight New Branches throughout Upstate NYTransaction expected to increase Five Star Bank's total deposits by $376 million
WARSAW, N.Y., January 20, 2012 - Five Star Bank, an affiliate of Warsaw based Financial Institutions, Inc. (NASDAQ - FISI), has entered into definitive agreements to acquire four retail banking branches currently owned by HSBC Bank USA, N.A. ("HSBC") and four retail banking branches currently owned by First Niagara Bank, N.A. ("First Niagara") as part of a divestiture by First Niagara in connection with its purchase of 195 HSBC retail bank branches throughout Upstate New York and Connecticut. The deposits associated with these branches total approximately $376 million, while loans total approximately $94 million. The transaction is subject to regulatory approval and is expected to close by the end of the third quarter.Five Star Bank has agreed to acquire the following branches:
Location Branch Type Address Current Total Deposits Albion HSBC 102 North Main Street, Albion, N.Y. 14411 $43.9 million Batavia First Niagara 401 West Main Street, Batavia, N.Y. 14020 $49.5 million Brockport First Niagara 2 West Avenue, Brockport, N.Y. 14420 $46.8 million Elmira HSBC 150 Lake Street, Elmira, N.Y. 14901 $92.9 million Elmira Heights HSBC 217 Prescott Avenue, Elmira Heights, N.Y. 14903 $20.8 million Horseheads HSBC 309 South Main Street, Horseheads, N.Y. 14845 $59.3 million Medina First Niagara 327 Main Street, Medina, N.Y. 14103 $39.3 million Waterloo First Niagara 1959 Route 20, Waterloo, N.Y. 13165 $23.3 million
"Five Star Bank is well positioned to continue its success by
maintaining and growing its market share throughout Western
and Central New York," said Peter G. Humphrey, President and
CEO of Five Star Bank. "We're excited about the opportunity
to expand our branch network and bring our unique and proven
style of community banking to new customers and communities,
while continuing to serve those that have chosen easy banking
in our established footprint."
About Five Star Bank: With $2.3 billion in assets, Five Star
Bank provides a wide range of consumer and commercial banking
services to individuals, municipalities and businesses
through a network of 50 offices and more than 70 ATMs in
Western and Central New York State, and employs more than 600
people. Five Star Bank, along with Five Star Investment
Services, both affiliates of Financial Institutions, Inc.,
also provides diversified financial services to its customers
and clients, including brokerage and insurance. More
information is available at www.five-starbank.com.
This press release may contain forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current beliefs or projections. There are a number of important factors that could affect the Company's forward-looking statements which include its ability to implement its strategic plan, its ability to redeploy investment assets into loan assets, the attitudes and preferences of its customers, the competitive environment, fluctuations in the fair value of securities in its investment portfolio, changes in the regulatory environment and general economic and credit market conditions nationally and regionally. For more information about these factors please see the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q on file with the SEC. All of these factors should be carefully reviewed, and readers should not place undue reliance on these forward-looking statements. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.
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