{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-24-038907","form_type":"8-K","ticker":"FISI","cik":"0000862831","company_name":"FINANCIAL INSTITUTIONS INC","filed_at":"2024-04-01T23:59:59+00:00","discovered_at":"2026-05-14T18:03:22.166057+00:00","generated_at":"2026-06-04T05:05:20.870355+00:00","sec_items":["1.01","2.01","8.01","9.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Financial Institutions sells SDN Insurance Agency to NFP for $27M cash","bullets":["All-cash purchase price of $27.0M, representing ~4.0x 2023 insurance income.","Transaction eliminates $11.3M in goodwill/intangibles and boosts pro forma CET1 ratio by 43 bps.","SDN President William E. Gallagher and team join NFP; deal closed same day (April 1, 2024).","Company cites focus on core banking franchise and strengthened capital position.","Piper Sandler served as financial advisor; Luse Gorman as legal counsel."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-24-038907","json":"https://secwatch.observer/filing/0000950170-24-038907.json","markdown":"https://secwatch.observer/filing/0000950170-24-038907.md","text":"https://secwatch.observer/filing/0000950170-24-038907.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/862831/000095017024038907/0000950170-24-038907-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/862831/000095017024038907/fisi-20240401.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-04T05:05:20.870355+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"783c04228577dacd0a40be2bc42811f110e2616f","claim":"FINANCIAL INSTITUTIONS INC completed a disposition involving NFP Property & Casualty Services, Inc. for $27.0 million in cash (closed 2024-04-01).","evidence_excerpt":"Pursuant to the terms of the Purchase Agreement, upon Closing, NFP paid $27.0 million in cash to the Company on April 1, 2024.","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/862831/000095017024038907/0000950170-24-038907-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"disposition"},{"label":"Counterparty","value":"NFP Property & Casualty Services, Inc."},{"label":"Consideration","value":"$27.0 million in cash"},{"label":"Closing","value":"2024-04-01"}],"fact_type":"ma_transaction"},{"claim_id":"2706d00c2a60053b87c9aba9e8616c2663c4d08a","claim":"FINANCIAL INSTITUTIONS INC entered into Purchase Agreement with NFP Property & Casualty Services, Inc. valued at $27.0 million (effective 2024-04-01).","evidence_excerpt":"On April 1, 2024, Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) pursuant to which the Company agreed to the sale of the assets of its wholly-owned subsidiary SDN Insurance Agency, LLC (“SDN”) (“Asset Purchase”) to NFP Property & Casualty Services, Inc. (“NFP”), a subsidiary of NFP Corp. Pursuant to the terms of the Purchase Agreement, at the closing of the Asset Purchase, which was also completed on April 1, 2024 (“Closing”), NFP paid a purchase price of $27.0 million in cash to the Company.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/862831/000095017024038907/0000950170-24-038907-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"asset purchase"},{"label":"Counterparty","value":"NFP Property & Casualty Services, Inc."},{"label":"Value","value":"$27.0 million"},{"label":"Effective","value":"2024-04-01"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}