Financial Institutions Inc., parent company of Five Star Bank and Courier Capital, LLC, has completed a private placement of $80.0 million in fixed-to-floating rate subordinated notes due 2035. The notes carry a 6.50% annual interest rate, payable semi-annually until December 15, 2030, after which the rate will reset quarterly to the three-month SOFR plus 312 basis points and be payable until maturity. The company plans to use the proceeds to refinance existing debt at more attractive rates and provide additional capital. The notes received a BBB- rating from Kroll Bond Rating Agency, with the company's long-term outlook recently revised to Stable. Piper Sandler & Co. acted as sole placement agent for the offering.