Financial Institutions in Warsaw, N.Y., has agreed to buy Courier Capital, an investment advisory firm in Buffalo, N.Y.
The $3.4 billion-asset Financial Institutions said in a press release Monday that it will pay $11.3 million to $14 million in cash and stock for Courier. The financial consideration includes post-closing payments based on Courier's ability to hit certain growth targets over a three-year period after the deal's closing. The deal is expected to close in January.
Financial Institutions said the acquisition should be breakeven or moderately accretive to its earnings next year.
Courier offers investment management, consulting and retirement plan services to more than 1,100 individuals, businesses and institutions. Courier has more than $1.2 billion in assets under management and is an adviser to another $335 million of assets.
"This transaction continues our implementation of strategic initiatives designed to diversify our revenue beyond interest income and create value for our shareholders," Martin Birmingham, Financial Institutions' president and chief executive, said in the release. "The acquisition also is representative of how the regional financial services landscape has been evolving."
