Pathfinder Bancorp Expands with Berkshire Bank Acquisition

Pathfinder Bancorp (PBHC) just unveiled an announcement.

Pathfinder Bank has agreed to acquire $32 million in loans and a branch, including its associated properties and fixtures, from Berkshire Bank. This deal also involves assuming roughly $198 million in deposits, with a 5.8% premium on certain deposits and the assumption of a commercial lease costing approximately $946,000 annually. Expected to close by the end of Q3 2024, the transaction is contingent on regulatory approvals and customary closing conditions. This strategic move is significant for investors watching the banking sector, offering a glimpse into Pathfinder Bank’s expansion and portfolio growth.

For a thorough assessment of PBHC stock, go to TipRanks’ Stock Analysis page.