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Financial Institutions to buy insurance firm

Rochester Business Journal
May 29, 2014

Financial Institutions Inc. has reached an agreement to acquire Buffalo-area insurance firm Scott Danahy Naylon Co. Inc., the Warsaw, Wyoming County-based company announced.

Scott Danahy Naylon will operate as a subsidiary of Financial Institutions when the acquisition is completed, officials said Wednesday. The deal is expected to close early in the third quarter.

“The acquisition of an insurance agency of this quality and magnitude is a strategically important first step to diversify our revenue base by increasing non-interest income,” President and CEO Martin Birmingham said in a statement.

“It also provides a scalable platform to support our future growth in insurance sales and meets our internal rate of return standards to add value to our shareholders.”

The insurance firm serves 6,000 clients in 44 states. It employs 30 at its offices in Amherst, Erie County.

Financial Institutions is the parent of Five Star Bank in the Rochester market.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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