Aug 22 - Financial Institutions Inc., Warsaw, N.Y., (Nasdaq: FISI) has announced a quarterly cash dividend of 19 cents per outstanding common share, which is a 6 percent increase versus last quarter's dividend and a 36 percent increase versus the dividend declared in the third quarter of 2012. The company also announced dividends of 75 cents per share on series A 3 percent preferred stock and $2.12 per share on series B-1 8.48 percent preferred stock. All dividends are payable Oct. 2, 2013 to shareholders of record as of Sept. 12, 2013.
"We are pleased to announce the board's decision for another increase in the dividend paid to common shareholders as a result of our continued excellent financial performance during the first half of 2013," said Martin K. Birmingham, the company's president and CEO. "This is our fourth dividend increase since the beginning of 2012. We remain focused on enhancing shareholder value while retaining our ability to build a strong and profitable franchise."
The recent price of the company's common stock along with the third quarter 2013 dividend on an annualized basis represents a dividend yield of approximately 3.5 percent.
About Financial Institutions Inc.
Financial Institutions Inc. provides diversified financial services through its subsidiaries, Five Star Bank and Five Star Investment Services Inc. Five Star Bank provides a wide range of consumer and commercial banking services to individuals, municipalities and businesses through a network of more than 50 offices in Western and Central New York State. Five Star Investment Services provides investment advice, brokerage and insurance products and services within the same New York State markets. Financial Institutions Inc. and its subsidiaries employ more than 600 individuals. The company's stock is listed on the Nasdaq Global Select Market under the symbol FISI. Additional information is available at the company's website: www.fiiwarsaw.com.