Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Pathfinder”), announced today that Pathfinder has completed the previously announced purchase and assumption of the East Syracuse, New York branch of Berkshire Bank, the banking subsidiary of Berkshire Hills Bancorp, Inc. In connection with the purchase, Pathfinder assumed approximately $186 million in deposit liabilities and acquired approximately $30 million in loans.
“We are very pleased to have completed this acquisition and the conversion of our new East Syracuse branch, and would like to extend a warm welcome to the East Syracuse customers and employees,” said James A. Dowd, President and Chief Executive Officer of Pathfinder Bancorp, Inc and Pathfinder Bank. “With only a few months from purchase agreement to conversion weekend, I want to acknowledge the planning, coordination, and hard work by many talented individuals throughout our organization, including the six employees at Berkshire’s office who are now officially part of the Pathfinder family. I’m extremely proud of their efforts.”
The conversion occurred over the weekend, and all designated customer accounts are now part of Pathfinder Bank. Beginning today, customers of the East Syracuse branch can enjoy the convenience of banking at 11 additional locations across Onondaga and Oswego counties.
“This acquisition aligns with our corporate strategy of enhancing shareholder value by expanding into attractive markets such as East Syracuse. We are excited to expand our presence and strengthen our ties to the people and businesses of the Central New York region. Our commitment to being relationship-driven, 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 other five staff members, ensuring a seamless transition and continuity of the personal, community-centered service that customers expect.
Pathfinder Bank has a long-standing reputation for community involvement and personalized banking experiences. For more information about the acquisition and Pathfinder Bank’s services, please visit pathfinderbank.com.
Pathfinder Bancorp was advised by Janney Montgomery Scott LLC, and Troutman Pepper Hamilton Sanders LLP served as legal counsel in connection with the transaction.
