WARSAW, N.Y., May 08, 2018 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (Nasdaq:FISI) (the “Company”), parent company of Five Star Bank, Scott Danahy Naylon, LLC (“Scott Danahy Naylon”) and Courier Capital, LLC (“Courier Capital”), announced today that it has entered into a definitive agreement to acquire HNP Capital, LLC (“HNP”). HNP is an SEC-registered investment advisory, wealth management and family office services firm based in Pittsford, New York.
HNP offers investment management, retirement plan services, alternative investments, financial planning and family office services to more than 250 clients. HNP was founded in 2009 by John R. Piccirilli, Chris Hobaica and Nick Norvell, who will continue to manage the firm’s assets after closing. As of March 31, 2018, HNP had approximately $334 million of assets under management.
“This transaction demonstrates a continued commitment to our long-term strategy of diversifying revenue,” said Martin K. Birmingham, President and Chief Executive Officer of the Company. “It also fills an existing geographic gap in our wealth management business by providing coverage of Rochester and the eastern side of our operating footprint. Courier Capital already provides strong coverage of Buffalo and the western portion of our market. We anticipate significant operating synergies between HNP and Courier Capital, as well as with Five Star Bank. The team at HNP has built a terrific wealth management platform and we look forward to adding them to our organization.”
John Piccirilli, Co-Founder and Principal of HNP commented, “We are very pleased to become part of Financial Institutions, Inc. We are a sales-minded team and believe there will be significant opportunities for growth of our wealth management business. We also believe we will add value to the Company’s other businesses through our existing relationships.”
The transaction is subject to typical conditions to closing, and is expected to be completed on or about June 1, 2018. Upon closing of the acquisition, HNP will operate as a subsidiary of Financial Institutions, Inc. and an affiliate of Five Star Bank, Scott Danahy Naylon and Courier Capital.
Forward-Looking Statements
This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “believe,” “expect,” “anticipate,” “plan,” “seek,” “see,” “may,” “will,” “would,” “forecast,” “target,” “intend,” “outlook,” “estimate,” “guidance,” or “range.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: the Company’s ability to implement its strategic plan, the Company’s ability to redeploy investment assets into loan assets, whether the Company experiences greater credit losses than expected, whether the Company experiences breaches of its, or third party, information systems, the attitudes and preferences of the Company’s customers, the Company’s ability to successfully integrate and profitably operate HNP, Scott Danahy Naylon, Courier Capital and other acquisitions, the competitive environment, fluctuations in the fair value of securities in its investment portfolio, changes in the regulatory environment and the Company’s compliance with regulatory requirements, changes in interest rates, general economic and credit market conditions nationally and regionally. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company assumes no obligation to revise these statements following the date of this press release.
About Financial Institutions, Inc.
Financial Institutions, Inc. provides diversified financial services through its subsidiaries Five Star Bank, Scott Danahy Naylon and Courier Capital. Five Star Bank provides a wide range of consumer and commercial banking and lending services to individuals, municipalities and businesses through a network of more than 50 offices throughout Western and Central New York State. Scott Danahy Naylon provides a broad range of insurance services to personal and business clients across 45 states. Courier Capital provides customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Financial Institutions, Inc. and its subsidiaries employ approximately 650 individuals. The Company’s stock is listed on the Nasdaq Global Select Market under the symbol FISI. Additional information is available at www.fiiwarsaw.com.
About HNP Capital, LLC
HNP Capital LLC offers investment management, retirement plan services, alternative investments, financial planning and family office services to more than 250 clients. HNP employs 12 individuals and operates offices in Pittsford, NY and Pittsburgh, PA. HNP has been noted as a Top 25 registered investment advisory firm in the Rochester Business Journal Book of Lists.
For additional information contact:
Shelly J. Doran at (585) 627-1362 or sjdoran@five-starbank.com