FISI settles auto lending class action for $29.5M, records $23M Q4 2024 accrual

FINANCIAL INSTITUTIONS INC

Settlement covers repossession notices sent 2011-2021 to defaulting borrowers in NY and PA.
Cash payment of $29.5M to class members plus debt release and adverse credit removal.
Company recorded $23.0M litigation accrual ($17.1M after-tax) in Q4 2024 financials.
Settlement subject to court approval; no admission of liability by FISI or Five Star Bank.
FISI does not expect additional accruals or changes to previously published 2025 guidance.

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