Press release
Financial Institutions, Inc. Subsidiaries Courier Capital, LLC and HNP Capital, LLC Complete Merger
The merger strengthens Courier Capital, LLC, an affiliate of Five Star Bank, into one of the largest wealth management firms in Western New York WARSAW, N.Y.,
About this update from Financial Institutions, Inc.
[{"type":"text","content":"The merger strengthens Courier Capital, LLC, an affiliate of Five Star Bank, into one of the largest wealth management firms in Western New York\nWARSAW, N.Y., May 01, 2023 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”) today announced the completion of the merger of its wholly-owned SEC-registered investment advisory firms on May 1, 2023, under which HNP Capital, LLC (“HNP Capital”) merged with and into Courier Capital, LLC (“Courier Capital”). “This merger formally unites our Company’s two well-regarded wealth management firms and is the next natural step in the evolution for our investment advisory business line,” said Martin K. Birmingham, President and Chief Executive Officer of the Company. “In addition to supporting Courier Capital’s growth, this merger streamlines our ability to provide innovative financial products and services to current and prospective clients, including those of Five Star Bank and SDN Insurance Agency, LLC.” Financial Institutions, Inc. entered the investment advisory space in 2016 with its acquisition of Courier Capital and further strengthened its offering through the acquisition of Williamsville, NY-based Robshaw & Julian Associates, Inc. in 2017. In 2018, it announced the acquisition of HNP Capital, which expanded the Company’s wealth management reach to the Rochester, NY market and bolstered its retirement plan and institutional offerings. Courier Capital President Thomas J. Hanlon commented, “Over the past five years, the teams at Courier Capital and HNP Capital have been collaborating and sharing best practices. We are thrilled to join forces to provide an even stronger service offering and help our clients achieve their unique financial goals through independent guidance rooted in comprehensive research, deep experience and a commitment to fiduciary excellence.” “HNP Capital has earned a reputation as a true partner to its clients and our team is known for its customized and consultative approach to investment management and financial planning,” said Senior Managing Director Rebecca L. Westervelt. “Our approach aligns perfectly with that of Courier Capital and I firmly believe our clients’ experiences will only be enhanced through this merger.” As one of the largest registered investment advisory firms in Western New York with assets under management of approx...