Pathfinder Bank Completes Acquisition of Berkshire Bank Branch

OSWEGO, N.Y., July 22, 2024 (GLOBE NEWSWIRE) — Pathfinder Bancorp, Inc. (NASDAQ:PBHC), a holding company Pathfinder Bankannounced today that Pathfinder has completed its previously announced project purchase and takeover of Berkshire Bank’s East Syracuse, New York brancha subsidiary of the bank Berkshire Hills Bancorp, Inc. In connection with the purchase, Pathfinder assumed escrow liabilities of approximately $186 million and incurred loans of approximately $30 million.

“We are very pleased to complete this acquisition and transition our new East Syracuse location and would like to extend a warm welcome to our customers and employees to East Syracuse,” said James A. Dowd, President and CEO of Pathfinder Bancorp, Inc. and Pathfinder Bank. “With only a few months between the purchase agreement and conversion weekend, I want to recognize the planning, coordination and hard work of many talented individuals throughout our organization, including six Berkshire office employees who are now officially part of the Pathfinder family. I am incredibly proud of their efforts.”

The conversion took place over the weekend, and all designated customer accounts are now part of Pathfinder Bank. Starting today, customers of the East Syracuse branch can enjoy the convenience of banking at 11 additional locations in Onondaga and Oswego counties.

“This acquisition is consistent with our corporate strategy to enhance shareholder value by expanding into attractive markets like East Syracuse. We are excited to expand our presence and strengthen our bonds with the people and businesses of the Central New York region. Our commitment to being relationship-oriented, local and community-focused remains at the heart of who we are.”

Kim Ciarpelli will continue to lead the East Syracuse office along with the remaining five staff members, ensuring a smooth transition and continuity of the personal, community-oriented service clients have come to expect.

Pathfinder Bank has a long-standing reputation for community engagement and personalized banking experiences. For more information about the Pathfinder Bank acquisition and services, visit pathfinderbank.com.

Janney Montgomery Scott LLC acted as counsel to Pathfinder Bancorp in connection with the transaction and Troutman Pepper Hamilton Sanders LLP acted as legal counsel.

ABOUT PATHFINDER BANCORP

Pathfinder Bancorp, Inc. (NASDAQ: PBHC), a Maryland corporation headquartered in Oswego, New York, is the parent company of Pathfinder Bank. Pathfinder Bank is a $1.45 billion commercial bank registered with the New York State Department of Financial Services. Pathfinder was founded in 1859 and currently operates 12 full-service offices located in market areas that include Oswego and Onondaga counties and one limited-purpose office in Oneida County. Pathfinder is focused on meeting the needs of businesses and community members by offering high-quality products and unmatched service. More information about Pathfinder Bancorp, Inc. is available online at www.Pathfinderbank.com. Member FDIC.