Financial Institutions in Warsaw, N.Y., raised $40 million after completing an at-the-market offering.
The $4 billion-asset company said in a press release Wednesday that it sold nearly 1.4 million shares in the offering at an average price of $29.33 each. Net proceeds from the offering, which began on May 30, totaled $38.3 million.
The company plans to use the net proceeds to support organic growth and to contribute capital to its bank, among other things.
Sandler O’Neill was the sales agent.
Financial Institutions has bought some nonbank operations in recent years, including the registered investment advisers Courier Capital and Robshaw & Julian Associates.