PBHC - Pathfinder Bancorp Inc. Announces Receipt of Regulatory Approvals for Acquisition of Berkshire Bank East Syracuse Branch | Benzinga
OSWEGO, N.Y., June 13, 2024 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. ("Pathfinder" or "Company") (NASDAQ:PBHC), announced that its banking subsidiary, Pathfinder Bank ("Bank"), has received the required regulatory agency approvals from both the New York State Department of Financial Services and the Federal Deposit Insurance Corporation to complete its pending acquisition of the East Syracuse, New York branch of Berkshire Bank, Pittsfield, MA located on 6611 Manlius Center Road.
The purchase and assumption agreement provides for the transfer by Berkshire Bank to Pathfinder of the facility and other associated assets of the branch, approximately $198 million in deposits, and certain consumer and residential loans with outstanding balances of approximately $32 million. Pathfinder expects the acquisition to generate a favorable internal rate of return and attractive earnings per share accretion, all within a reasonable tangible book value earn back period.
James A. Dowd, President and Chief Executive Officer of Pathfinder Bancorp, Inc. and Pathfinder Bank, stated, "We are excited to have received all of the regulatory agency approvals required for this transaction, allowing us to strategically expand our market footprint with the addition of a branch location in East Syracuse. This acquisition significantly increases our presence in the attractive Syracuse market and further positions us for accelerated business growth. We look forward to extending our offerings of comprehensive consumer and business products and services to an expanded market area."