Five Star Bank’s Lakewood Branch to Close in January as Part of Ongoing Transformation
New Lakewood Digital Bank Created to Serve Jamestown Area Customers
Warsaw, NY—October 9, 2020—Five Star Bank, a leading provider of consumer and commercial lending services across Western, Central, and the Southern Tier of New York, will be closing its Lakewood branch, located at 284 East Fairmount Avenue in Lakewood, NY, effective Friday, January 15, 2021.
Earlier this year, Five Star Bank announced a transformation designed to enhance customer experiences and facilitate long-term sustainability, driven by changes in shifting customer needs and preferences. Rapid advancements in financial technology are giving consumers increased options to bank from virtually anywhere and this trend is evident in the bank’s total daily in-branch teller transactions, declining by six percent annually since 2018 and similarly in the first three months of 2020.
The transformation includes the April 2020 release of Five Star Bank Digital Banking, a powerful suite of online and mobile banking tools designed to offer convenient financial management to make banking more accessible. It also includes the closure of Five Star Bank’s Lakewood branch.
“As we continue to focus on delivering an exceptional customer experience, we recognize the need to adapt our approach as market conditions change,” said Martin K. Birmingham, Five Star Bank President and CEO. “A comprehensive data-driven market analysis of our entire branch network resulted in the difficult decision to close our Lakewood branch. Although this physical location is closing, we look forward to serving our valued customers with products and services designed specifically for them.”
Five Star Bank is committed to its Lakewood branch consumers and businesses. To provide ongoing service and support to these customers, Five Star created the Lakewood Digital Bank, an online portal for digital and phone banking solutions as well as educational content and unique offers just for existing and prospective customers in the Jamestown/Lakewood area. Solutions include:
Five Star Bank Digital Banking – deposit checks with mobile check deposit, pay bills, transfer funds, manage budgets, open deposit accounts, view account balances and account activity, manage payroll, and transfer funds through ACH transfers and wires.
Lakewood Digital Bank Customer Service Line – call a phone line dedicated to area customers. A team of well-trained staff is available to provide support for your banking needs with a personal touch.
Allpoint ATM Network – withdraw cash surcharge-free at over 43,000 ATMs nationwide. Nearby locations include Wegmans, Rite Aid, Walgreens and Tops.
24-Hour Touch Tone Banking at (877) 882-5782 – check balances, transfer funds, manage your debit card and more by following the menu prompts.
Letters have been mailed to all Lakewood branch customers that outline services and support available to assist them with the transition. In-branch seminars will be offered over the next 90 days to help customers become familiar with digital capabilities and assist with enrollment in Five Star Bank Digital Banking. Zoom sessions, interactive tutorials and user guides will also be available. In addition, relationship managers will be reaching out to all business customers to discuss their individual needs. Business customers may also sign up for digital solution workshops that will be offered at the branch.
###
About Five Star Bank and Financial Institutions, Inc.
Five Star Bank is a $4 billion community bank offering a wide range of consumer and commercial banking and lending services to individuals, municipalities, and businesses through a network of more than 45 locations. With a rich 200-year history and a bright future, Five Star Bank has a dedicated team of 600 employees who are committed to giving back through a variety of non-profit organizations and neighborhood charities.
Five Star Bank offers a broad range of insurance services to personal and business clients through SDN Insurance Agency, LLC. Additionally, we offer customized investment management, investment consulting, and retirement plan services to individuals, businesses, institutions, foundations and retirement plans through Courier Capital, LLC, HNP Capital, LLC and Five Star Investment Services.
For more information, visit www.five-starbank.com.
Five Star Bank, SDN Insurance Agency, LLC, Courier Capital, LLC and HNP Capital, LLC are subsidiaries of Financial Institutions, Inc. (Nasdaq:FISI). Financial Institutions, Inc. stock is listed on the NASDAQ Global Select Market. Additional information is available at www.fiiwarsaw.com.