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Financial Institutions, the Warsaw-based parent of Five Star Bank, said Wednesday that its board had raised its quarterly cash dividend by 14 percent, or 2 cents per share, to 16 cents per share, to be paid Jan. 2, 2013 to shareholders of record Dec. 17.

It marks the second dividend increase this year and the fourth since early 2011. Together with the recent price of the company’s stock, the fourth quarter dividend represents a yield of about 3.5 percent on an annual basis.