BUZZ-Financial Institutions lifts after $100 mln  stock offering priced

Reuters
2024-12-12

** Shares of regional lender

** Parent of New York state commercial bank, Five Star Bank, late Weds 4 mln shares at $25, a 7.5% discount to last sale

** Co intends to use expected net offering proceeds of ~$95 mln for balance sheet restructuring through repositioning of substantial portion of its

** KBW sole bookrunner for offering

** Prior to offering, FISI had ~15.5 mln shares outstanding for

$418 mln market cap

** Through Weds close, FISI shares up ~27% YTD. Stock's 52-week low is $16.29 (Apr 17) and 52-week high is $29.14 (Nov 25)

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@tr.com 1-646-279-6380))

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