WARSAW, N.Y., May 23, 2007 (PRIME NEWSWIRE) -- Financial Institutions, Inc. (Nasdaq:FISI) announced that its board of directors declared a second quarter cash dividend of $0.11 per common share, up $0.01 or 10 percent above the previous quarter dividend; the increase is $0.03 or 37.5 percent above the year-ago quarterly dividend. The Company also announced dividends of $0.75 per share on the Series A 3% Preferred Stock and $2.12 per share on the Series B-1 8.48% Preferred Stock. All dividends are payable on July 2, 2007 to shareholders of record on June 15, 2007.
Peter G. Humphrey, president and CEO of Financial Institutions, commented, "We are committed to strengthening our stock performance and rewarding our shareholders with a growing return on their investment in our Company. This quarterly increase represents the third time we raised the cash dividend in the last twelve months."
About Financial Institutions, Inc.
With $2.0 billion in assets, 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 50 offices and over 70 ATMs in Western and Central New York State, and employs 700 people. Five Star Investment Services provides brokerage and insurance products and services with the same New York State markets. The Company's stock is listed on the Nasdaq Global Market under the symbol FISI. Additional information is available at the Company's website: www.fiiwarsaw.com.
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Safe Harbor Statement
This press release may contain forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current beliefs or projections. There are a number of important factors that could affect the Company's forward-looking statements which include the availability of cash to continue to pay a dividend, the impact of regulatory restrictions, and other factors discussed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise these statements following the date of this press release.