Five Star Bank's parent company withdrew a $40 million common stock offering, only three days after announcing it.
Warsaw-based Financial Institutions said it withdrew the offering last Thursday "because of unstable conditions in the U.S. capital markets over the last several days, which the company believes are not conducive to completing a successful public offering at this time."
Financial Institutions announced the offering at a time the bank has made a bigger push into the Buffalo and Rochester markets. The bank earlier this year opened its first branch within the city of Buffalo.
In its prospectus, the bank had indicated it would focus on "increasing market share within existing markets, while taking advantage of potential growth opportunities within our insurance and wealth management lines of business by acquiring new businesses that can be added to existing operations."
Financial Institutions' annual shareholders meeting is scheduled for June 21 in Warsaw.