WARSAW, N.Y.--(BUSINESS WIRE)--June 30, 2006--
Financial Institutions, Inc. (NASDAQ: FISI) ("FII"), the
parent company of Five Star Bank, today announced that it has been
included in the NASDAQ Global Select Market tier. The new listing tier
has the highest initial listing standards of any exchange in the world
based on financial and liquidity requirements. Only 1,200 of the
approximately 3,200 stocks that are traded on the NASDAQ qualified for
the premier listing tier.
Beginning July 3, NASDAQ-listed companies will be classified under
three listing tiers -- NASDAQ Global Select Market, NASDAQ Global
Market, and NASDAQ Capital Market. NASDAQ also plans to launch indexes
based on these new tiers. Prior to NASDAQ's introduction of its new
listing tiers, the Company was listed on the NASDAQ National Market,
which has been renamed to be the NASDAQ Global Market.
"Financial Institutions is an example of an industry leader that
has achieved superior listing standards, which clearly defines the
essence of the NASDAQ Global Select Market," said Bruce Aust,
Executive Vice President, Corporate Client Group. "NASDAQ is focused
on leading a race to the top in terms of listing qualifications. In
recognizing these companies, we are highlighting their achievement in
meeting the requirements to be included in the market with the highest
listing standards in the world," added Mr. Aust.
NASDAQ announced the new three-tier listing classification in
February 2006 and named the companies selected for the Global Select
Market Tier on June 26, 2006. The new tier becomes effective July 3,
2006. For additional information about the NASDAQ Global Select
Market, please go to: http://www.nasdaq.com/GlobalSelect.
About Financial Institutions, Inc.
With total assets of $2.0 billion, Financial Institutions, Inc. is
the parent company of Five Star Bank, which provides a wide range of
consumer and commercial banking services to individuals,
municipalities and businesses through a network of 50 offices and 72
ATM's in Western and Central New York State. Through its Investment
Services affiliate, Five Star Investment Services, Inc., FII also
provides diversified financial services to its customers and clients,
including brokerage and insurance. More information on FII and its
subsidiaries is available through the Company web site at
www.fiiwarsaw.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined
by federal securities laws. These statements may address issues that
involve significant risks, uncertainties, estimates and assumptions
made by management. Actual results could differ materially from
current beliefs or projections. There are a number of important
factors that could affect the Company's forward-looking statements
which include the effectiveness of its strategy and bank
consolidation, its ability to reduce operating expenses, the attitudes
and preferences of customers, the competitive environment and other
factors discussed in the Company's filings with the Securities and
Exchange Commission. The Company undertakes no obligation to revise
these statements following the date of this press release.
Source: Financial Institutions, Inc.