Financial Institutions, FISI), the parent company of Five Star Bank, has closed on the acquisition of Scott Danahy Naylon Co, that provides a broad range of insurance services to both personal and business clients.
SDN now operates as a subsidiary of Financial Institutions, Inc. and an affiliate of Five Star Bank.
"Acquiring SDN reflects our commitment to diversifying our revenue base and increasing noninterest income," said Martin K. Birmingham, president and chief executive officer of Financial Institutions, Inc. "It also allows us to meet the growing and expansive needs of our customers, providing a platform to support future growth in insurance sales while adding risk management expertise."
SDN was founded in 1923 and serves over 6,000 clients in 44 states. As the transition process takes place, Five Star Bank anticipates relocating approximately ten of its Western New York commercial lenders to SDN’s Amherst facility.