10:53 AM EST, 12/12/2024 (MT Newswires) -- Financial Institutions (FISI) said Thursday it priced an underwritten public offering of 4 million shares at $25 per share, to raise about $95 million after underwriting expenses.

Underwriters have been granted a 30-day option to buy up to 600,000 additional shares, the company said

Proceeds will be used for general corporate purposes, including potential balance sheet restructuring through the repositioning of available-for-sale debt securities and debt repayment.

The offering is expected to close on Friday.

Shares of Financial Institutions were up 3.6% in recent trading.

Price: 27.99, Change: +0.97, Percent Change: +3.59