Financial Institutions has acquired the Burke Group, an employee benefits administration firm with 43 employees at offices in Buffalo, Honeoye Falls and Syracuse.
The deal will help the Warsaw-based bank holding company diversify its revenue stream by adding an additional line of fee-based services. The Burke Group provides employee benefit consulting services to about 500 companies which have operations in 34 states and total benefit plan assets of $2 billion.
The companies did not disclose terms of the deal. Shareholders of Burke Group, a privately owned company, will receive stock in Financial Institutions, which trades publicly on the Nasdaq.
Patrick Burke will continue as president and CEO of Burke Group.
"This new relationship allows each organization to better leverage their combined strengths to further enhance the services we provide our customers. In addition, being part of the FII team will enable us to further develop our technology infrastructure and improve our delivery systems," Burke said.
Financial Institutions is the parent company of Wyoming County Bank and four other community banks.