Financial Institutions, Inc. Announces Completion of Its 4.375 % Fixed-To-Floating Rate Subordinated Notes Due 2030
October 07, 2020 at 04:39 pm EDT
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Financial Institutions, Inc. entered into a Subordinated Note Purchase Agreement with certain qualified institutional buyers and accredited investors pursuant to which the Company sold and issued $35 million in aggregate principal of its 4.375 % Fixed-to-Floating Rate Subordinated Notes due October 15, 2030. The Notes are redeemable, in whole or in part, on October 15, 2025 or on any interest payment date thereafter at the Company’s option. The Notes are also redeemable in whole but not in part upon the occurrence of certain events as described in the Notes, subject to the approval of the Federal Reserve, if required. The Purchase Agreement contains certain customary representations, warranties and covenants made by the Company, on the one hand, and the Purchasers, severally and not jointly, on the other hand.
Financial Institutions, Inc. is a financial holding company. The Company provides a full range of banking and related financial services to consumer, commercial and municipal customers through its bank and non-bank subsidiaries. It offers a range of deposit, lending and other financial services to individuals, municipalities and businesses in the Western and Central New York branch network and its Mid-Atlantic commercial loan production office serving the Baltimore and Washington, D.C. region, through its banking subsidiary, Five Star Bank. Its indirect lending network includes relationships with franchised automobile dealers in Western and Central New York, the Capital District of New York, and Northern and Central Pennsylvania. It offers customized investment advice, wealth management, investment consulting and retirement plan services through its subsidiary, Courier Capital, LLC.
FINANCIAL INSTITUTIONS, INC. 
