Pathfinder receives regulatory approvals for Berkshire branch acquisition

Pathfinder Bank has received the required regulatory agency approvals from both the New York State Department of Financial Services and the Federal Deposit Insurance Corporation to complete its pending acquisition of the East Syracuse, New York branch of Berkshire Bank, Pittsfield, MA located on 6611 Manlius Center Road. The purchase and assumption agreement provides for the transfer by Berkshire Bank to Pathfinder of the facility and other associated assets of the branch, approximately $198 million in deposits, and certain consumer and residential loans with outstanding balances of approximately $32 million. Pathfinder expects the acquisition to generate a favorable internal rate of return and attractive earnings per share accretion, all within a reasonable tangible book value earn back period. The parties expect to close on the purchase and assumption agreement in the third quarter of 2024, at which point Berkshire’s East Syracuse branch will be fully converted to operate as a Pathfinder Bank branch office.