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Thursday, September 25, 2014

Two U.S. home loan banks agree to merge, (NASDAQ: FISI)

The Des Moines and Seattle Federal Home Loan Banks agreed on Thursday to merge in a move that, if approved by their regulator and members, would result in an entity with nearly $120 billion in assets.The combined entity, to be headquartered in Des Moines, will serve nearly 1,500 member financial institutions that include banks, credit unions and insurance companies in 13 states and the U.S. Pacific territories.The banks' regulator, the Federal Housing Finance Agency (FHFA), said it supported the merger. ( two banks, part of the Federal Home Loan Bank System created in 1932 to help finance mortgages for consumers, said in July that they were in merger discussions.

Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI fell by 0.92% or $-0.21/share to $22.72. In the past year, the shares have traded as low as $19.72 and as high as $26.59. On average, 43167 shares of FISI exchange hands on a given day and today's volume is recorded at 18507.