Five Star Bank Announces Measures to Support Customers, Associates and Communities Affected by COVID-19

WARSAW, N.Y. , March 23, 2020 (GLOBE NEWSWIRE) -- Five Star Bank (the “Bank”), subsidiary of Financial Institutions, Inc. (NASDAQ:FISI) (the “Company”), today announced measures enacted to mitigate the impact of the COVID-19 virus on its customers, associates and communities.

“We have put several measures in place, so we may operate safely and effectively while offering all of the comprehensive banking, investment, and insurance services our customers have come to depend on.  We have also developed a series of solutions to support our customers and allow them to focus on their health and safety.”

For consumer customers, effective today and continuing through April 30, 2020, the Bank will be waiving early CD penalty fees for withdrawals up to $20,000 (limited to one penalty-free withdrawal per CD account); eliminating all insufficient funds (overdrafts) and returned item fees; eliminating all Pay by Phone fees; waiving all late fees; offering the opportunity for monthly mortgage, home equity loan or home equity line payment relief; offering the opportunity to defer unsecured consumer loans or lines of credit and secured consumer loans and lines of credit payments; and offering unsecured personal loans up to $5,000, up to 60 months at 2.95% APR subject to credit approval (additional terms and conditions may apply).

Business customers are being faced with challenging and unique circumstances. Five Star Bank’s relationship bankers are highly skilled in providing tailored financial solutions designed to meet the specific, individual needs of each business and they are actively reaching out to each business customer to understand how the Bank can help, given each unique business circumstance.  

The Bank’s partners at Courier Capital, LLC, HNP Capital, LLC and SDN Insurance will be in contact with investment and insurance customers in the coming days to discuss how they can help them maintain their financial well-being.

During the week of March 16^th, Five Star Bank took necessary steps to protect the health and safety of associates, customers and communities by maximizing social distancing and implementing a work-from-home policy for many associates. Branch locations were also limited to drive-thru windows wherever possible.

Five Star Bank continues to remain accessible to customers during this temporary shift to a new normal. Customers can access the Bank through branch drive-thrus, via the web through NetTeller, via mobile devices through AirTeller or through the Call Center. They can access cash with no-surcharge fee through any Five Star Bank ATM, as well as multiple alternative locations. Customers can find the closest surcharge-free ATM or branch at https://www.five-starbank.com/resources/branch-and-atm-locations.