01:53 PM EDT, 04/01/2024 (MT Newswires) -- Financial Institutions (FISI) said Monday that it closed the sale of the assets of its SDN Insurance Agency unit to NFP Property & Casualty Services for $27.0 million in cash.

The firm said the deal would support its earnings and capital position and allow for reinvestment in its core banking franchise.

The company also said the transaction eliminates $11.3 million of goodwill and other intangible assets and has 43 basis point positive impact on pro forma year-end 2023 common equity tier 1 capital ratio.

Financial Institutions shares were down more than 2% in recent trading.

Price: 18.34, Change: -0.48, Percent Change: -2.55