Pathfinder Bancorp signs agreement to acquire Berkshire Bank's East Syracuse branch with $198M deposits, $32M loans

Pathfinder Bancorp, Inc.

Acquires ~$198M in deposits and ~$32M in consumer/residential loans; one East Syracuse branch location.
Deposit premium of 5.8% on core deposits; total premium equates to ~4.0% of aggregate deposits.
Pro forma total assets ~$1.7B; management expects favorable IRR and EPS accretion.
Pathfinder assumes Berkshire's existing commercial lease with annual cost ~$946,000.
Transaction expected to close by Q3 2024, subject to regulatory approvals and customary conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Pathfinder Bancorp, Inc. entered into Purchase Agreement with Berkshire Bank valued at approximately $32 million in loans and one branch location (along with associated personal property (effective 2024-03-04).

Action: entry
Agreement: asset purchase
Counterparty: Berkshire Bank
Value: approximately $32 million in loans and one branch location (along with associated personal property
Effective: 2024-03-04

Exact text from the filing

On March 4, 2024 Pathfinder Bank, the banking subsidiary of Pathfinder Bancorp, Inc. (“Pathfinder Bank”), entered into a purchase and assumption agreement (the “Purchase Agreement”) with Berkshire Bank, the banking subsidiary of Berkshire Hills Bancorp, Inc. (“Berkshire Bank”).

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Pathfinder Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-024940

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