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Financial Institutions inks agreement with former exec

Rochester Business Journal
September 4, 2014

The former chief risk officer at Financial Institutions Inc. will get $184,500, in bi-weekly payments for 47 weeks, following his dismissal last month, the Wyoming County-based company reported in a filing Thursday.

Kenneth Winn, executive vice president and chief risk officer since July 2012, was terminated Aug. 19, a filing with the U.S. Securities and Exchange Commission said.

Payments begin with the company’s first pay period after Sept. 6, the filing states. Under terms of a separation agreement signed on Tuesday, Winn provided a general release of claims in favor of the company and its affiliates, the filing states.

Winn’s total compensation in 2013 was $339,556, a proxy filing states. He was the firm’s fifth-highest paid executive.

David Case, senior vice president and chief commercial credit officer since May, has replaced Winn on an interim basis. He had been commercial market executive since joining Five Star in September 2005 and regional president from September 2012 until taking the newly created position four months ago.

Winn joined the company in October 2004 as a commercial risk officer for subsidiary Five Star Bank. He was promoted to senior vice president in 2005 and to credit administrator in 2006.
 
Winn managed Five Star Bank’s credit and compliance groups for three years before replacing the retired George Hagi as chief risk officer.
 
Winn spent 15 years with Citibank N.A. and was a senior credit officer before moving to Five Star Bank.

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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