Five Star Bank’s parent has completed its acquisition of Courier Capital Corp., an investment advisory and wealth management firm with operations in Buffalo and Jamestown.
The deal, announced late last year, called for Warsaw-based Financial Institutions Inc. to pay $9 million at closing, about 90 percent of it in common stock. Financial Institutions is expected to pay – also primarily in stock – an additional $2.3 million to $5 million, plus related post-closing payments, based on Courier achieving growth objectives during the three-year period following the closing.
“At a time when other financial services providers are leaving upstate New York or divesting their upstate New York assets, Financial Institutions is expanding,” said Martin K. Birmingham, president and chief executive officer of Financial Institutions, in a statement.
Financial Institutions acquired Courier Capital and the Amherst-based insurance agency Scott Danahy Naylon as part of a push to make greater inroads in the Buffalo area and to diversify its sources of revenue.