Pathfinder Bancorp, Inc., announced that its banking subsidiary, Pathfinder 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.”
The parties expect to close on the purchase and assumption agreement in the third quarter of 2024, at which point Berkshire’s East Syracuse branch will be fully converted to operate as a Pathfinder Bank branch office. “The conversion teams representing both Berkshire and Pathfinder are working diligently to ensure a seamless process for our new customers,” added Dowd. “We warmly welcome the existing customers of the East Syracuse branch, offering an extensive product set as well as a network of 11 additional regional branch locations for their banking needs.”
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