05:31 PM EDT, 09/16/2024 (MT Newswires) -- Financial Institutions (FISI) said late Monday it plans to start winding down its banking-as-a-service offerings.

The company said it is preliminarily targeting completion of the process "sometime" next year and expects an "immaterial" financial impact from the move.

"We see significant opportunity and growth potential for our retail banking, commercial banking and wealth management business lines within our existing geographic markets," Chief Executive Martin Birmingham said. "This decision allows us to continue to nurture those lines of business."