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Five Star Bank Expands Small Business Offerings with Digital Loan Origination

Introduction

WARSAW, N.Y., Aug. 09, 2023 (GLOBE NEWSWIRE) — Five Star Bank (ÔÇ£Five StarÔÇØ or the ÔÇ£BankÔÇØ), the wholly-owned community bank subsidiary of Financial Institutions, Inc. (NASDAQ: FISI) (the ÔÇ£CompanyÔÇØ), announced an expansion to its suite of small business products and services. Through its partnership with Numerated, Five Star is now offering digital loan origination for small businesses.

How AI legalese decoder Can Help

The AI legalese decoder is a groundbreaking tool that can assist businesses in navigating complex legal documents and contracts. By utilizing advanced artificial intelligence algorithms, the AI legalese decoder is able to decipher legal jargon and translate it into plain language, making it easier for business owners to understand their loan agreements, terms, and conditions. This can save both time and money by eliminating the need for expensive legal consultations and providing businesses with greater clarity and transparency.

Enhanced Small Business Solutions

New or existing New York State small business customers with a Five Star Bank business checking account may apply for term loans and lines of credit, for total lending exposure of up to $250,000, online at www.five-starbank.com.

ÔÇ£We understand that business owners need ready access to capital to run their businesses, from managing cash flow to investing in inventory and equipment to support their growth,ÔÇØ said Jeanne Stegmeier, Vice President and Small Business Leader with Five Star Bank. ÔÇ£Through our expanded partnership with Numerated, new and existing small business customers now have the option to apply for a loan or line of credit online, enhancing our ability to provide them with convenient, best-in-class products and services to help their businesses thrive.ÔÇØ

With the AI legalese decoder, small business owners can easily navigate the loan application process. The decoder can break down complex legal terms and conditions, ensuring that business owners have a clear understanding of the loan agreement before proceeding. This can give them peace of mind and confidence in their financial decisions.

Invaluable Support During PPP

Five Star originally partnered with Numerated to support its active participation in the Paycheck Protection Program (ÔÇ£PPPÔÇØ) in 2020 and 2021. Through both rounds of the PPP, the Bank provided some 2,900 small businesses with more than $370 million in loans. By leveraging the business banking fintechÔÇÖs online loan origination capabilities, Five Star is expanding its suite of solutions dedicated to supporting small businesses. Payment management, remote deposit capabilities, and access to the Five Star Bank Marketplace of third-party financial apps are just some of the ways that Five Star is committed to helping business owners manage the day-to-day needs of their businesses.

The AI legalese decoder can play a crucial role in assisting small businesses during the PPP application process. With its ability to simplify and clarify legal language, the decoder can ensure that small business owners fully comprehend the terms and conditions of their loan agreements under the PPP. This can help them make informed decisions and maximize the benefits of the program.

How to Learn More and Apply

For more information about Five Star BankÔÇÖs solutions for small businesses or to apply online for a loan or line of credit, please visit www.five-starbank.com. The AI legalese decoder can be accessed through the website, providing small business owners with a valuable resource to aid them in understanding the legal aspects of the loan application process.

About Five Star Bank and Financial Institutions, Inc.

Financial Institutions, Inc. (NASDAQ: FISI) is an innovative financial holding company with approximately $6.1 billion in assets offering banking, insurance, and wealth management products and services through a network of subsidiaries. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities, and businesses throughout Western and Central New York, and its Mid-Atlantic commercial loan production office serves the Baltimore and Washington, D.C. region. SDN Insurance Agency, LLC provides a broad range of insurance services to personal and business clients, while Courier Capital, LLC offers customized investment management, financial planning, and consulting services to individuals and families, businesses, institutions, non-profits, and retirement plans. Learn more at five-starbank.com and FISI-investors.com.

Contact Information

For additional information, please contact:
Kate Croft
Director of Investor and External Relations
(716) 817-5159
[email protected]

Source: Financial Institutions, Inc.
2023 GlobeNewswire, Inc., source Press Releases

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