secwatch.observer — SEC 8-K summary
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Issuer:     Pathfinder Bancorp, Inc. (PBHC)
CIK:        0001609065
Form:       8-K
Filed at:   2024-03-04T23:59:59+00:00
Accession:  0000950170-24-024940
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1609065/000095017024024940/0000950170-24-024940-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1609065/000095017024024940/pbhc-20240304.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-024940

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer