The publicly-traded parent company of Five Star Bank is set to be added to a special NASDAQ index before the market opens Dec. 23, the company announced this week.
Financial Institutions Inc. said it will join the NASDAQ OMX ABA Community Bank Index (NASDAQ: ABQI), a collection of the most actively traded community banks on the ABA NASDAQ Community Bank Index (NASDAQ: ABAQ).
According to the NASDAQ website, the ABQI is supposed to be "a benchmark for investment products" that includes "larger and more liquid community banks" already listed on the NASDAQ stock market.
"We are pleased to be added to the NASDAQ OMX ABA Community Bank Index," Martin Birmingham, Financial Institutions president and CEO, said in the release. "Our inclusion in the ABQI Index reflects the progress we've achieved in the communities we serve as well as in delivering on our promise to our shareholders."
Five Star Bank is the largest community bank in Western New York, with $1 billion in local deposits as of June 30. It operates more than 50 offices in Western and Central New York.