Financial Institutions, Inc. estimates up to $18.9M loss from customer deposit fraud

FINANCIAL INSTITUTIONS INC

Fraudulent deposit transactions occurred over several days ending early March 2024 by a single business customer.
Company currently estimates potential pre-tax exposure of up to $18.9M ($14.1M net of taxes).
Bank says incident is isolated to a single deposit-only business relationship; remains well-capitalized.
Bank is working with law enforcement and pursuing all available recovery to mitigate loss.

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