A New York bank turns to Plan B to raise capital

Financial Institutions in Warsaw, N.Y., has resurrected efforts to raise capital two weeks after nixing a planning stock offering.

The $3.9 billion-asset company said in a press release Tuesday that it had filed to sell up to $40 million of common stock through an at-the-market offering. Financial Institutions said it would use proceeds for general corporate purposes, including contributing capital to its bank.

An at-the-market offering will allow the company to sell stock over time. Shares will be sold through Sandler O’Neill.

The company withdrew a planned $40 million offering in early May, citing “unstable conditions in the U.S. capital markets." At that time, the company said it believed the markets were “not conducive to completing a successful public offering.”