WARSAW, N.Y. — After more than 50 years with Financial Institutions Inc., W.J. “Bud” Humphrey 2d has passed the torch to the family’s fourth generation.

The $1.6 billion-asset company announced Friday that Mr. Humphrey, 77, had stepped down as chairman on Wednesday and been succeeded by his son, Peter G. Humphrey.

Peter Humphrey, 44, succeeded his father as president and chief executive officer in 1992. The elder Mr. Humphrey joined the board in 1948, became president and CEO in 1957, and was named chairman in 1992.

Financial Institutions operates five banks in western and central New York.

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