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Financial Institutions closes on deal for insurance firm

Rochester Business Journal
August 4, 2014

Financial Institutions Inc., parent of Five Star Bank in the Rochester market, has closed on its acquisition of a full-service insurance agency in the Buffalo suburbs.

The Warsaw, Wyoming County-based company announced its closing on Scott Danahy Naylon Co. Inc. on Friday. Terms have not been disclosed.

Scott Danahy Naylon operates as a Financial Institutions subsidiary and as an affiliate of Five Star Bank. The acquisition was announced in late May.

Founded in 1923, the Amherst, Erie County-based insurance firm serves 6,000 clients in 44 states, officials said Friday. Some 10 Five Star Bank commercial lenders in Western New York are expected to move to the Amherst location as part of the integration process.

“Acquiring SDN reflects our commitment to diversifying our revenue base and increasing non-interest income,” President and CEIO Martin Birmingham said in a statement.

“It also allows us to meet the growing and expansive needs of our customers, providing a platform to support future growth in insurance sales while adding risk management expertise.”

Financial Institutions reported last month that net income available to common shareholders rose 3 percent for the quarter ending June 3 compared with the second quarter of 2013.

The company reported income of $6.7 million, or 48 cents a diluted share, up from $6.5 million, or 47 cents a share, a year ago.

 Five Star Bank ranks seventh in the Rochester market with local deposits of $888.3 million, data from the Federal Deposit Insurance Corp. shows.

(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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