Five Star Bank joins the brand new Banking as a Service

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WARSAW, NY, June 06, 2022 (GLOBE NEWSWIRE) — Five star bank (the “Bank”), a subsidiary of Financial Institutions, Inc. (NASDAQ: FISI), today announced that it has joined a new Banking-as-a-Service (BaaS) association as a founding member. The association was formed by Bankers Helping Bankers (BHB), a banker-only social+ platform for collaboration and education.

“Banking-as-a-Service and FinTech partnerships enable Five Star Bank to expand its reach to a scale that could not otherwise be achieved by a community bank of our size,” said Sean Willett, Vice President. executive, administrative director. “The BHB BaaS Association provides us with a fantastic opportunity to benefit from and collaborate with community banks and other similar, innovative and leading fintech partners on best practices, setting industry standards and meeting expectations. regulatory.”

The BHB BaaS Association is a leading governance association with the aim of promoting, creating and supporting Banking-as-a-Service (BaaS) and aims to meet the unique needs of BaaS sponsor banks. The association seeks to:

  • Coordinate legislative and regulatory advocacy efforts to encourage responsible provision of BaaS by federally insured depository institutions.
  • Promote best practices and standards for delivering BaaS products to non-banks.
  • Build a community of like-minded bankers and other industry participants to share experiences, ideas and learnings.
  • Connect federally insured financial institutions to technology partners who will help them facilitate a successful BaaS program.

BaaS is seeing a huge increase in banking participants, fueled by a rapid expansion of fintech funding and a steady supply of new startups. It is a highly specialized business that requires unique technology, regulatory and compliance expertise, and operational capabilities.

Tanner Mayo, co-founder of BHB, said, “BaaS bankers are leaders in profitability and innovation. It is essential that banks entering this space do so in a safe, sound and regulatory compliant manner. This association aims to help them seize BaaS opportunities, while proactively identifying and mitigating risks.

About Five Star Bank

Five Star Bank is a $5 billion community bank offering a wide range of personal, municipal and business banking and lending services through a network of more than 45 locations in Western and Central New York and a commercial loan origination office in Ellicott. City (Baltimore), Maryland. Five Star Bank has a dedicated team of nearly 600 employees who are committed to giving back through a variety of non-profit organizations and neighborhood charities.

Five Star Bank offers a wide range of insurance services to individuals and businesses through SDN Insurance Agency, LLC. In addition, the Bank offers personalized investment management, investment advisory and pension plan services to individuals, businesses, institutions, foundations and pension plans through Courier Capital, LLC and HNP Capital, LLC. Additional information about Five Star Bank is available at five-starbank.com and on Twitter, Instagram and Facebook.

Separately, through its subsidiary Corn Hill Innovation Labs, LLC, Five Star Bank enables fintechs and non-bank financial companies to offer banking products and services to their end customers, including deposit, issuance cards, compliance and operational capabilities, payments and lending services.

Five Star Bank, SDN Insurance Agency, LLC, Courier Capital, LLC, HNP Capital, LLC and Corn Hill Innovation Labs, LLC are subsidiaries of Financial Institutions, Inc. (NASDAQ: FISI). Financial Institutions, Inc. shares are listed on the NASDAQ Global Select Market. Additional information is available at fiivarsovie.com.

About Bankers Helping Bankers

​Bankers Helping Bankers (BHB) is a banker-only social+ platform for collaboration and education. Through data tools and vibrant user groups, BHB provides community bankers with a knowledge base focused on banking technology and emerging Fintech companies, as well as hot topics such as cryptocurrencies, banking as a service, becoming a sponsor bank and launching a direct digital brand. The BHB platform is free for bankers, reaching 75% of banks. Join the movement to help save the community bank. For more information, visit: https://bankershelpingbankers.com/bhb-baas-association/

For more information, contact:
W. Jack Plants II
Financial Director & Treasurer
Five Star Bank and Financial Institutions, Inc.
(585) 498-2919
[email protected]

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