Financial Institutions Inc (FISI) has issued an announcement.
Five Star Bank has uncovered fraudulent activity by a business customer that could potentially cost its parent company, Financial Institutions, Inc., up to $18.9 million, with a net impact of $14.1 million after taxes. Efforts are underway to recover the stolen funds and minimize losses, and the bank remains well-capitalized. While dealing with the investigation, the bank is cooperating with law enforcement and believes that this was a one-off event involving a single business client.
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