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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	July 26, 2006
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  	Financial Institutions, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	New York
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  	0-26481
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  	16-0816610
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	220 Liberty Street, Warsaw, New York
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  	&nbsp;
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  	14569
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	585-786-1100
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  Item 1.01 Entry Into A Material Definitive Agreement<br><br>On July 26, 2006 the Board of Directors of Financial Institutions, Inc. approved an amendment to the Company&#x2019;s 1999 Management Stock Incentive Plan.  The amendment gives discretion to the Company&#x2019;s Compensation Committee to determine at the time of a restricted stock grant whether dividends payable on the participants&#x2019; unvested shares will be paid to the participant or reinvested in additional shares of restricted stock.  Prior to this amendment dividends issued on unvested restricted stock were to be held by the Company for the benefit of the participant.  The amendment is attached as Exhibit 10.1. <br><br>Also on July 26, 2006 Financial Institutions, Inc. Board of Directors approved grants of Non-Qualified Stock Options and grants of Restricted Stock to its officers under the Company&#x2019;s 1999 Management Stock Incentive Plan (as amended).  Grants to Executive and Senior officers were as follows:<br><br>Peter G. Humphrey, President and Chief Executive Officer<br>  8,500 Non-Qualified Stock Options<br>  4,200 Restricted Stock<br><br>James T. Rudgers, EVP and Chief of Community Banking<br>  3,500 Non-Qualified Stock Options<br>  2,000 Restricted Stock<br><br>Ronald A. Miller, EVP and Chief Financial Officer<br>  1,650 Non-Qualified Stock Options<br>  1,000 Restricted Stock<br><br>G. Daniel Hagi, EVP and Chief Risk Officer<br>  1,650 Non-Qualified Stock Options<br>  1,000 Restricted Stock<br><br>Kevin B. Klotzbach, SVP and Treasurer<br>  1,650 Non-Qualified Stock Options<br>  1,000 Restricted Stock<br><br>Bruce H. Nagle, SVP ad Director of Human Resources<br>  1,650 Non-Qualified Stock Options<br>  1,000 Restricted Stock<br><br>Martin B. Birmingham, SVP/Regional President/Senior Market Executive<br>  1,650 Non-Qualified Stock Options<br>  1,000 Restricted Stock<br><br>Richard J. Harrison, SVP and Retail Lending Administrator<br>  1,650 Non-Qualified Stock Options<br>  1,000 Restricted Stock<br><br>John J. Witkowski, SVP/Regional President/Retail Banking Executive<br>  1,650 Non-Qualified Stock Options<br>  1,000 Restricted Stock<br><br>The non-qualified stock options have a grant price of $19.75 per share, the closing price of the Company&#x2019;s stock on July 26, 2006.  The non-qualified stock options vest 25% each year on the first through the fourth anniversaries of the grant. The restricted stock shares vest 100% on the third anniversary of the date of the grant.  For unvested restricted shares cash dividends paid on the Company&#x2019;s common stock will be paid to the participants.  Other terms of the non-qualified stock option grants are contained in the form of Non-Qualified Stock Option Agreement (Exhibit 10.2) and other terms of the restrictive stock awards are contained in the form of Restricted Stock Award Agreement (Exhibit 10.3).<br><br>Exhibits<br>The following exhibits are being filed with this report:<br><br>10.1 Amendment Number One To The Financial Institutions, Inc. 1999 Management Stock Incentive Plan<br>10.2 Form of Non-Qualified Stock Option Agreement Pursuant To The Financial Institutions, Inc. Management Stock Incentive Plan<br>10.3 Form of Restricted Stock Award Agreement Pursuant To The Financial Institutions, Inc. 1999 Management Stock Incentive Plan<br><br><br> <br> <br>
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  	Item 9.01 Financial Statements and Exhibits.
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  (c) Exhibits<br><br>Exhibit 10.1 Amendment Number One to the Financial Institutions, Inc. 1999 Management Stock Incentive Plan<br> <br>Exhibit 10.2 Form of Non-Qualified Stock Option Agreement Pursuant To The Financial Institutions, Inc. Management Stock Incentive Plan<br> <br>Exhibit 10.3 Form of Restricted Stock Award Agreement Pursuant To The Financial Institutions, Inc. 1999 Management Stock Incentive Plan
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Financial Institutions, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	July 28, 2006
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  	By:
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  <I>
  	Ronald A. Miller
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  <I>
  	Name: Ronald A. Miller
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  <I>
  	Title: Executive Vice President and Chief Financial Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  	&nbsp;
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  Amendment Number One To The Financial Institutions, Inc. 1999 Management Stock Incentive Plan
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  	10.2
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  	&nbsp;
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  Form of Non-Qualified Stock Option Agreement Pursuant To The Financial Institutions, Inc. Management Stock Incentive Plan
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  	10.3
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  	&nbsp;
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  Form of Restricted Stock Award Agreement Pursuant To Financial Institutions, Inc. 1999 Management Stock Incentive Plan
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_13984.htm", "description": "LIVE FILING", "secsgml_size_bytes": 14223}]
metadata_filer: {"company-data": {"conformed-name": "FINANCIAL INSTITUTIONS INC", "cik": "0000862831", "assigned-sic": "6021", "irs-number": "160816610", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26481", "film-number": "06988170"}, "business-address": {"street1": "220 LIBERTY STREET", "city": "WARSAW", "state": "NY", "zip": "14569", "phone": "7167861100"}, "mail-address": {"street1": "220 LIBERTY STREET", "city": "WARSAW", "state": "NY", "zip": "14569"}}
text: Financial Institutions, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  July 26, 2006
  Financial Institutions, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  New York
  0-26481
  16-0816610
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  220 Liberty Street, Warsaw, New York
  14569
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  585-786-1100
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  Item 1.01 Entry Into A Material Definitive Agreement
  On July 26, 2006 the Board of Directors of Financial Institutions, Inc. approved an amendment to the Company's 1999 Management Stock Incentive Plan.  The amendment gives discretion to the Company's Compensation Committee to determine at the time of a restricted stock grant whether dividends payable on the participants' unvested shares will be paid to the participant or reinvested in additional shares of restricted stock.  Prior to this amendment dividends issued on unvested restricted stock were to be held by the Company for the benefit of the participant.  The amendment is attached as Exhibit 10.1.
  Also on July 26, 2006 Financial Institutions, Inc. Board of Directors approved grants of Non-Qualified Stock Options and grants of Restricted Stock to its officers under the Company's 1999 Management Stock Incentive Plan (as amended).  Grants to Executive and Senior officers were as follows:
  Peter G. Humphrey, President and Chief Executive Officer
  8,500 Non-Qualified Stock Options
  4,200 Restricted Stock
  James T. Rudgers, EVP and Chief of Community Banking
  3,500 Non-Qualified Stock Options
  2,000 Restricted Stock
  Ronald A. Miller, EVP and Chief Financial Officer
  1,650 Non-Qualified Stock Options
  1,000 Restricted Stock
  G. Daniel Hagi, EVP and Chief Risk Officer
  1,650 Non-Qualified Stock Options
  1,000 Restricted Stock
  Kevin B. Klotzbach, SVP and Treasurer
  1,650 Non-Qualified Stock Options
  1,000 Restricted Stock
  Bruce H. Nagle, SVP ad Director of Human Resources
  1,650 Non-Qualified Stock Options
  1,000 Restricted Stock
  Martin B. Birmingham, SVP/Regional President/Senior Market Executive
  1,650 Non-Qualified Stock Options
  1,000 Restricted Stock
  Richard J. Harrison, SVP and Retail Lending Administrator
  1,650 Non-Qualified Stock Options
  1,000 Restricted Stock
  John J. Witkowski, SVP/Regional President/Retail Banking Executive
  1,650 Non-Qualified Stock Options
  1,000 Restricted Stock
  The non-qualified stock options have a grant price of $19.75 per share, the closing price of the Company's stock on July 26, 2006.  The non-qualified stock options vest 25% each year on the first through the fourth anniversaries of the grant. The restricted stock shares vest 100% on the third anniversary of the date of the grant.  For unvested restricted shares cash dividends paid on the Company's common stock will be paid to the participants.  Other terms of the non-qualified stock option grants are contained in the form of Non-Qualified Stock Option Agreement (Exhibit 10.2) and other terms of the restrictive stock awards are contained in the form of Restricted Stock Award Agreement (Exhibit 10.3).
  Exhibits
  The following exhibits are being filed with this report:
  10.1 Amendment Number One To The Financial Institutions, Inc. 1999 Management Stock Incentive Plan
  10.2 Form of Non-Qualified Stock Option Agreement Pursuant To The Financial Institutions, Inc. Management Stock Incentive Plan
  10.3 Form of Restricted Stock Award Agreement Pursuant To The Financial Institutions, Inc. 1999 Management Stock Incentive Plan
  Item 9.01 Financial Statements and Exhibits.
  (c) Exhibits
  Exhibit 10.1 Amendment Number One to the Financial Institutions, Inc. 1999 Management Stock Incentive Plan
  Exhibit 10.2 Form of Non-Qualified Stock Option Agreement Pursuant To The Financial Institutions, Inc. Management Stock Incentive Plan
  Exhibit 10.3 Form of Restricted Stock Award Agreement Pursuant To The Financial Institutions, Inc. 1999 Management Stock Incentive Plan
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Financial Institutions, Inc.
  July 28, 2006
  By:
  Ronald A. Miller
  Name: Ronald A. Miller
  Title: Executive Vice President and Chief Financial Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Amendment Number One To The Financial Institutions, Inc. 1999 Management Stock Incentive Plan
  10.2
  Form of Non-Qualified Stock Option Agreement Pursuant To The Financial Institutions, Inc. Management Stock Incentive Plan
  10.3
  Form of Restricted Stock Award Agreement Pursuant To Financial Institutions, Inc. 1999 Management Stock Incentive Plan