Financial Institutions Intends To Begin An Orderly Wind Down Of Its BaaS Offerings; Expects Financial Impact To Be Immaterial
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Financial Institutions plans to wind down its Banking as a Service (BaaS) offerings by 2025, with minimal financial impact expected. The company will retain personnel and refocus on core banking operations.
September 16, 2024 | 8:07 pm
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Financial Institutions, Inc. (FISI) is winding down its BaaS offerings, which represent a small portion of its deposits and loans. The financial impact is expected to be minimal, and personnel will be retained for core banking growth.
The BaaS offerings represent a small portion of FISI's total deposits and loans, indicating minimal financial impact. The retention of personnel suggests a strategic shift rather than a downsizing, which is neutral for short-term stock price.
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