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