Financial Institutions Inc. in Warsaw, N.Y., has begun a $35 million debt offering to help fund growth.
The parent company of Five Star Bank will sell the subordinated debt in minimum denominations of $1,000, and the notes will mature in 2030, according to a Securities and Exchange Commission filing on Thursday. There will be no market for the debt, and the notes will be unsecured obligations.
Financial Institutions said in a press release announcing the debt offering that the proceeds will be used for corporate purposes, including contributing capital to Five Star, organic growth and potential acquisitions. The $3.1 billion-asset company had filed a shelf registration in March.