Glass Lewis recommends investors vote for Financial Institutions' nominees
Financial Institutions announced that Glass Lewis & Co. has issued a report recommending that Financial Institutions shareholders vote on the BLUE proxy card FOR ALL four of the Company's director nominees - Martin Birmingham, Samuel Gullo, Kim VanGelder and James Wyckoff - at the 2016 Annual Meeting of Shareholders to be held on June 3, 2016. Glass Lewis' clients include institutional investors, mutual funds, pension funds and other fiduciaries. The Glass Lewis recommendation follows the recommendation issued last week by Institutional Shareholder Services which also recommended that FISI shareholders vote the BLUE proxy card FOR ALL four of the Company's director nominees. In its May 24, 2016 report, Glass Lewis stated: "We find that the Company has generally outperformed peers and regional bank indices over the near-and longer-term, including over the one-year, three-year and 10-year periods reviewed in our analysis... We find no cause for concern with the Company's strategic direction, which has been clearly communicated to investors and upon which management appears to be making progress, in our view... Given the Company's generally favorable financial performance and clear strategy, we agree with the incumbent board that pursuing a sale at this juncture, particularly under the duress of a proxy contest, may not be in the best interests of shareholders." Glass Lewis ultimately concluded that: "In conclusion, we do not believe the Dissident [Clover Partners] has made a compelling case that electing its nominees to the board is warranted or in the best interests of all shareholders at this time."