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Activist investor moves to get 2 nominated on Financial Institutions board

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Activist investor moves to get 2 nominated on Financial Institutions board

Clover Partnerssubmitted a notice to Financial InstitutionsInc. of its intent to nominate managing partner Johnny Guerry and TerryPhilen to the board of directors April 1, according to a recent ownership filing.

Johnny Guerry,Clover Partners LP, CloverPartners Management LLC and MHC Mutual Conversion Fund, disclosed beneficial ownershipof 795,799 shares of Financial Institutions, based on 14,485,883 common shares outstandingas of Feb. 29.

According toa Schedule 13D filed April 5, the shares represent a 5.5% stake in the Warsaw, N.Y.-basedcompany.

Philen is CFOof Custom Extrusions Holdings Inc.

Financial Institutionsconfirmed in an April 5 news release that it received the notice and said it welcomesconstructive feedback from shareholders, adding that it "engages in constructivedialogue to understand perspectives on the company's long-term strategic growthplan."

Guerry had previouslydisclosed talks with the company regarding boardrepresentation.