Five Star to phase out its banking-as-a-service program by 2025 [Yahoo! Finance]
Financial Institutions, Inc. (FISI)
Last financial institutions, inc. earnings: 4/30 04:05 pm
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Source: Yahoo! Finance
The parent company for Five Star Bank in Warsaw, New York, is winding down its modest banking-as-a-service business. On Monday, Financial Institutions Inc., which has $6.1 billion of assets and is the parent of both Five Star and Courier Capital, announced that Five Star would quit this line of business fully in 2025 to focus on its core community banking franchise. This decision took several factors into account 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," said bank CEO and president Martin K. Birmingham in a press release. Five Star's exit is another sign of turmoil in the BaaS space. Some banks, including Metropolitan Commercial Bank and Summit National Bank , have left the business entirely; others, including Blue Ridge Bank Lineage Bank and Evolve B
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FISI
News
- Financial Institutions, Inc. (NASDAQ: FISI) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
- Financial Institutions, Inc. Announces Intent to Begin Winding Down BaaS, Reflecting Strategic Focus on Core FranchiseGlobeNewswire
- Financial Institutions, Inc. (NASDAQ: FISI) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- Financial Institutions, Inc. Announces Quarterly Cash DividendGlobeNewswire
- Financial Institutions Offers Some Additional Upside From Here [Seeking Alpha]Seeking Alpha
FISI
Earnings
- 4/25/24 - Miss
FISI
Analyst Actions
- 7/29/24 - Keefe, Bruyette & Woods
FISI
Sec Filings
- 9/16/24 - Form 8-K
- 8/19/24 - Form 8-K
- 8/6/24 - Form 4
- FISI's page on the SEC website