Pathfinder Bank Acquisition of Berkshire Bank Branch Complete
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) has successfully completed the acquisition of Berkshire Bank's East Syracuse, New York branch. The transaction involved Pathfinder assuming approximately $186 million in deposit liabilities and acquiring about $30 million in loans. The conversion process has been finalized, with all designated customer accounts now part of Pathfinder Bank.
This strategic move aligns with Pathfinder's goal of expanding into attractive markets and enhancing shareholder value. The acquisition adds 11 new locations across Onondaga and Oswego counties, strengthening Pathfinder's presence in Central New York. Kim Ciarpelli will continue to lead the East Syracuse office, ensuring a smooth transition for customers.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) ha completato con successo l'acquisizione della filiale di Berkshire Bank a East Syracuse, New York. L'operazione ha comportato l'assunzione da parte di Pathfinder di circa 186 milioni di dollari in passività di deposito e l'acquisizione di circa 30 milioni di dollari in prestiti. Il processo di conversione è stato finalizzato, con tutti i conti cliente designati ora parte di Pathfinder Bank.
Questa mossa strategica è in linea con l'obiettivo di Pathfinder di espandersi in mercati attraenti e aumentare il valore per gli azionisti. L'acquisizione aggiunge 11 nuove sedi nei distretti di Onondaga e Oswego, rafforzando la presenza di Pathfinder nella parte centrale di New York. Kim Ciarpelli continuerà a guidare l'ufficio di East Syracuse, garantendo una transizione fluida per i clienti.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) ha completado con éxito la adquisición de la sucursal de Berkshire Bank en East Syracuse, Nueva York. La transacción implicó que Pathfinder asumiera aproximadamente 186 millones de dólares en pasivos de depósitos y adquiriera alrededor de 30 millones de dólares en préstamos. El proceso de conversión se ha finalizado, con todas las cuentas de clientes designadas ahora parte de Pathfinder Bank.
Este movimiento estratégico está alineado con el objetivo de Pathfinder de expandirse en mercados atractivos y aumentar el valor para los accionistas. La adquisición agrega 11 nuevas ubicaciones en los condados de Onondaga y Oswego, fortaleciendo la presencia de Pathfinder en el centro de Nueva York. Kim Ciarpelli continuará liderando la oficina de East Syracuse, asegurando una transición fluida para los clientes.
패스파인더 밴코프, Inc. (NASDAQ: PBHC)는 뉴욕주 이스트 시러큐스에 있는 버크셔 뱅크 지점을 성공적으로 인수했습니다. 이 거래는 패스파인더가 약 1억 8,600만 달러의 예금 부채를 인수하고 약 3천만 달러의 대출을 확보하는 내용이었습니다. 전환 절차가 완료되어 모든 지정된 고객 계좌가 이제 패스파인더 뱅크 소속이 되었습니다.
이 전략적 결정은 패스파인더의 매력적인 시장으로의 확장과 주주 가치를 높이는 목표에 부합합니다. 이번 인수로 온돈다가와 오스위고 카운티에 11개의 새로운 지점이 추가되어 패스파인더의 중앙 뉴욕 내 존재감이 강화됩니다. 킴 시아르펠리는 이스트 시러큐스 사무소를 계속 이끌어 고객이 원활하게 전환할 수 있도록 보장할 것입니다.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) a réussi à finaliser l'acquisition de la succursale de Berkshire Bank à East Syracuse, New York. La transaction a impliqué que Pathfinder assume environ 186 millions de dollars en passifs de dépôt et acquière environ 30 millions de dollars en prêts. Le processus de conversion est désormais finalisé, avec tous les comptes clients désignés faisant désormais partie de Pathfinder Bank.
Cette démarche stratégique s'inscrit dans l'objectif de Pathfinder d'élargir sa présence sur des marchés attractifs et d'accroître la valeur pour les actionnaires. L'acquisition ajoute 11 nouveaux emplacements dans les comtés d'Onondaga et d'Oswego, renforçant la présence de Pathfinder dans le Centre de New York. Kim Ciarpelli continuera de diriger le bureau d'East Syracuse, garantissant une transition en douceur pour les clients.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) hat erfolgreich die Übernahme der Filiale von Berkshire Bank in East Syracuse, New York abgeschlossen. Bei der Transaktion übernahm Pathfinder ungefähr 186 Millionen Dollar an Einlagenschulden und erwarb etwa 30 Millionen Dollar an Krediten. Der Umstellungsprozess wurde abgeschlossen, und alle benannten Kundenkonten sind jetzt Teil der Pathfinder Bank.
Dieser strategische Schritt steht im Einklang mit dem Ziel von Pathfinder, in attraktive Märkte zu expandieren und den Shareholder-Value zu steigern. Die Übernahme fügt 11 neue Standorte in den Bezirken Onondaga und Oswego hinzu und stärkt die Präsenz von Pathfinder in Zentral-New York. Kim Ciarpelli wird weiterhin das Büro in East Syracuse leiten und so einen reibungslosen Übergang für die Kunden gewährleisten.
- Acquisition of $186 million in deposits and $30 million in loans
- Expansion into attractive East Syracuse market
- Addition of 11 new locations across Onondaga and Oswego counties
- Retention of existing branch staff for continuity of service
- Potential integration challenges and costs associated with the acquisition
Insights
The acquisition of Berkshire Bank's East Syracuse branch is a strategic move for Pathfinder Bancorp. By assuming $186 million in deposit liabilities and acquiring $30 million in loans, Pathfinder is expanding its footprint in the Central New York region. This acquisition aligns well with Pathfinder's strategy of enhancing shareholder value by penetrating attractive markets. In terms of financial health, this transaction adds a substantial amount of deposits, which is generally a positive indicator for liquidity and future lending capabilities. Investors should view this as a positive development in the company’s growth trajectory.
From a market expansion perspective, Pathfinder's acquisition is a judicious step. The East Syracuse branch offers immediate access to a new customer base, enhancing the bank’s regional presence. Expanding to 11 additional locations in Onondaga and Oswego counties provides more physical touchpoints for customers, which is important for community-centric banking models. This strategic move can help elevate Pathfinder's brand recognition and customer loyalty in the Central New York region, potentially leading to increased market share and revenue streams.
Pathfinder Bank's successful acquisition and conversion of the East Syracuse branch speaks volumes about its operational efficiency and community-oriented approach. The seamless transition, including retaining existing staff, ensures continuity and community trust. The local and relationship-driven service model is reinforced, which is vital for retaining and growing the customer base in smaller markets. This move not only cements Pathfinder’s commitment to community banking but also promises to enhance customer satisfaction and long-term loyalty.
OSWEGO, N.Y., July 22, 2024 (GLOBE NEWSWIRE) -- 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
“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.
ABOUT PATHFINDER BANCORP
Pathfinder Bancorp, Inc. (NASDAQ: PBHC), a Maryland corporation headquartered in Oswego, New York, is the parent company for Pathfinder Bank. Pathfinder Bank is a
FORWARD-LOOKING STATEMENT
Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” or “may,” and may include statements regarding the branch acquisition, the financial impacts thereof, and Pathfinder’s corporate strategy. These forward-looking statements are based on current beliefs and expectations of Pathfinder’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Pathfinder’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in or implied by the forward-looking statements as a result of numerous factors. For a discussion of such factors, please see Pathfinder's most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC's website at www.sec.gov. You should not place undue reliance on forward-looking statements, which reflect our expectations only as of the date of this document. Pathfinder does not undertake any obligation to update forward-looking statements.
Pathfinder Bancorp, Inc. Contact: James A. Dowd
President & CEO
315-207-8002
jadowd@pathfinderbank.com
FAQ
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When did Pathfinder Bank (PBHC) complete the acquisition of the East Syracuse branch?
