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Five Star Bank parent company boosts quarterly dividend

WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent of Five Star Bank, recently announced it is raising its quarterly dividend by nearly 4 percent. The banking company will pay a quarterly cash dividend of 27 cents a share per common share outstanding for the first quarter, up from the 26 cents a share it […]

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WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent of Five Star Bank, recently announced it is raising its quarterly dividend by nearly 4 percent.

The banking company will pay a quarterly cash dividend of 27 cents a share per common share outstanding for the first quarter, up from the 26 cents a share it paid for the fourth quarter.

Financial Institutions said it will pay the new, higher dividend on April 2, to shareholders of record on March 19.

“Our Board’s confidence in the Company’s strategy and earnings potential support this increase,” Martin K. Birmingham, Financial Institutions president and CEO, said in a Feb. 25 statement. “Today’s announcement represents our 11th consecutive annual dividend increase and demonstrates a strong commitment to shareholder return.”

At the banking company’s current stock price, the new dividend yields about 3.95 percent on an annual basis.

Five Star Bank, based in Warsaw in Wyoming County, has more than 45 branches throughout Western and Central New York. Its CNY branches include offices in Auburn, Seneca Falls, Geneva, Ovid, Horseheads, and Elmira.

Financial Institutions and its subsidiaries employ about 600 people.

Jornal Staff