Five Star Bank's parent company said it generated net proceeds of about $29.8 million through its recent "at-the-market" stock offering.
Financial Institutions, based in Warsaw, launched a stock offering of up to $40 million in late May. The recent trading window for sale of shares under the offering closed Sept. 15.
"We will continue to assess our capital needs and evaluate market conditions in deciding whether to continue the (at-the-market) offering," said Martin K. Birmingham, president and CEO.
Financial Institutions said it sold nearly 1.1 million shares at an average price of $29.01 per share, raising about $31 million in gross proceeds. Sandler O'Neill and Partners acted as the sales agent.
In a prospectus, Financial Institutions said it would use net proceeds from the offering to "support organic growth and other general corporate purposes," including contributing capital to its Five Star Bank subsidiary.