Five Star Bank’s parent company posted record profits in 2019, as the bank prepares to increase its Buffalo presence.
Financial Institutions, based in Warsaw, reported net income of $48.9 million, up from $39.5 million the year before. The record-setting performance was “grounded in the fundamentals of our business,” including growing its balance sheet and managing expenses, said Martin K. Birmingham, the bank’s president and CEO.
Five Star Bank is preparing to open two more branches in the City of Buffalo, in the Elmwood Village and in South Buffalo, probably a year from now. Birmingham called the Buffalo market “one of our primary growth markets,” with commercial lending a key driving force.
The bank this year is conducting a thorough review to determine how to use technology to make its business operations more efficient, Birmingham said.
Five Star is also implementing a brand-new digital platform this year, for commercial and consumer customers.
Published by The Buffalo News
