Financial Institutions, Inc. (NASDAQ:FISI) (the "Company"), parent company of Five Star Bank and Courier Capital, LLC, today announced the pricing of its previously announced underwritten public offering of 4,000,000 shares of its common stock at a public offering price of $25.00 per share. The expected proceeds to the Company, after deducting underwriting discounts and commissions but before deducting operating expenses payable by the Company, are approximately $95.0 million. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of Company common stock at the public offering price, less underwriting discounts, and commissions.
The Company intends to use the net proceeds from this offering for general corporate purposes which may include a balance sheet restructuring through the repositioning of a substantial portion of our available-for-sale debt securities portfolio to support continued growth as well as the repayment of indebtedness.
