Stock market turbulence has prompted a western New York bank to withdraw plans to raise capital.

Financial Institutions in Warsaw said in a press release late Thursday that it will shelve plans to sell $40 million in common stock.

The $3.9 billion-asset company said that its decision was tied to “unstable conditions in the U.S. capital markets over the last several days” and that it believes the markets “are not conducive to completing a successful public offering at this time.”

The stock market has been swinging wildly in recent days, in large part because of controversies and uncertainty stemming from the Trump administration.

The KBW Nasdaq bank stock index decreased by 2.7% on Wednesday, though it rose by 0.5% a day later. The Dow Jones industrial average fell by 1.1% on Wednesday and rose by 0.4% on Thursday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.