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Stock impact report

Financial Institutions, Inc. Announces Intent to Begin Winding Down BaaS, Reflecting Strategic Focus on Core Franchise

Financial Institutions, Inc. (FISI) 
Last financial institutions, inc. earnings: 4/30 04:05 pm Check Earnings Report
US:NASDAQ Investor Relations: snl.com/irw/corporateprofile/1016825
Company Research Source: GlobeNewswire
WARSAW, N.Y., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the "Company," "we" or "us"), a diversified financial services company and parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC (“Courier Capital”), today announced its intent to begin an orderly wind down of its Banking-as-a-Service (“BaaS”) offerings, following a careful review by the Company’s executive management and Board of Directors undertaken in conjunction with its annual strategic planning process. “Since our entry into BaaS, we have moved forward at a measured and conservative pace to balance growth with effective risk management. Following an internal review that considered many factors, including the contribution of BaaS to our core financial results, evolving regulatory expectations and a proposed rule regarding the re-classification of BaaS deposits as brokered, in addition to the future investments in talent and technology necessary to achieve scale, we ar Show less Read more
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