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Financial Institutions Inc (NASDAQ:FISI), the parent company of Five Star Bank, announced today that Samuel M. Gullo, a long-serving member of the company’s Board of Directors, has decided not to seek re-election at the upcoming 2025 Annual Meeting of Shareholders. Gullo, who has been with the company for 25 years, will retire from both the company’s and Five Star Bank’s boards immediately after the meeting.
The company’s filing with the Securities and Exchange Commission on Monday, March 4, 2025, stated that Gullo’s departure is not due to any disagreements with the company’s operations, policies, or practices but is a personal decision to dedicate more time to his family and personal interests.
Gullo’s tenure on the board has seen Financial Institutions Inc. navigate through various market conditions and regulatory landscapes. His retirement marks the end of a significant chapter in the company’s governance history. During his tenure, the company has maintained dividend payments for 27 consecutive years, currently offering a 4.58% dividend yield.
The announcement did not include information on a successor for Gullo’s board position. The company is expected to address the transition and appointment of new board members in due course.
Financial Institutions Inc., headquartered in Warsaw, New York, operates as a community bank in various regions and is listed on the Nasdaq Global Select Market. The company has not indicated that Gullo’s retirement will affect its day-to-day operations or strategic direction.
This news is based on a press release statement and reflects the content of the 8-K filing with the SEC.
In other recent news, Financial Institutions Inc. reported a significant net loss for the fourth quarter of 2024, with a diluted loss per share of $4.02, contributing to a full-year loss of $1.66 per share. Despite the disappointing earnings, the company successfully completed a $115 million equity offering, which bolstered its capital position and improved its Common Equity Tier 1 ratio by 145 basis points from 2023. Keefe, Bruyette & Woods upgraded Financial Institutions stock from Market Perform to Outperform, citing strategic actions taken by the company in the fourth quarter, such as capital raising and securities repositioning, which have improved its financial stability. The firm’s analysts maintained their earnings estimate for 2025 at $3.45 per share and increased their 2026 estimate to $3.85 per share, driven by an improved margin and net interest income. Financial Institutions aims for a 2025 efficiency ratio below 60% and is focusing on commercial lending as a key growth driver. The company is also investing in treasury management and technology to enhance operational capabilities. Despite the challenges, the company’s strategic moves and guidance suggest a focus on long-term value creation.
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