Financial Institutions in Warsaw, N.Y., has purchased an investment adviser in the Buffalo, N.Y., area.
The $3.9 billion-asset Financial Institutions said in a press release Thursday that its Courier Capital unit bought Robshaw & Julian Associates in Williamsville, N.Y. Robshaw & Julian has $175 million of assets under management. Financial Institutions did not disclose the price it paid.
Stephen Robshaw and James Julian, the firm’s prior owners, are now officers at Courier, which provides investment management and consulting and retirement plan services. They will continue to manage the Robshaw & Julian portfolios.
“This transaction furthers our strategy to increase fee-based noninterest income and diversify our revenues,” Martin Birmingham, Financial Institutions’ president and CEO, said in the release.
Financial Institutions has made other acquisitions in an effort to boost fee income, buying the insurance broker Scott Danahy Naylon in 2014 and Courier last year. The company’s Five Star Bank has more than 50 branches in western and central New York.