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Fed approves Five Star acquisitions

The Federal Reserve Bank of New York has approved an application by Five Star Bank, an affiliate of Warsaw-based Financial Institutions Inc., to purchase four First Niagara Bank, N.A. retail branch locations in Batavia, Brockport, Medina and Waterloo. The closing will take place after the close of business on June 22, and the customer transition will commence that weekend.

 

“This is an exciting time for Five Star Bank,” said Peter G. Humphrey, president and CEO of Five Star Bank and Financial Institutions Inc. “The approval by the Fed clears the way for Five Star Bank to officially welcome more than 12,000 new customers to our unique and proven style of community banking.”

 

Beginning June 25, current First Niagara branches in Batavia, Brockport and Medina will officially open for business under the Five Star Bank name. In Waterloo, the purchased First Niagara branch will be consolidated with Five Star Bank’s current location, directly across the street at 1940 Routes 5 and 20.

 

Five Star Bank is also slated to purchase four HSBC branches in Albion, Elmira, Elmira Heights and Horseheads in the third quarter, pending federal regulatory approval. The acquisition of all eight branches by Five Star Bank is part of a divestiture by First Niagara in connection with its purchase of 195 HSBC retail bank branches throughout Upstate New York and Connecticut.