Mon Sep 09 14:48:46 UTC 2024: ## Pathfinder Bancorp Strengthens Executive Team and Expands Footprint

**Oswego, NY** – Pathfinder Bancorp, Inc. (NASDAQ: PBHC) has made significant moves to solidify its leadership and expand its operations, with key executive appointments and a new branch acquisition announced this week.

The bank has extended the employment contract of its President and CEO, James A. Dowd, for an initial three-year term, with automatic annual renewals. Dowd’s base salary remains at $415,000, with eligibility for bonuses and incentive programs. Additionally, the bank has signed a new change in control agreement with Senior Vice President and CFO, Justin Bigham, ensuring financial stability and continuity in the event of a change in ownership.

Pathfinder Bancorp is also making strategic moves to grow its business. The company recently announced its approval to acquire a branch of Berkshire Bank in East Syracuse, NY, adding approximately $198 million in deposits and $32 million in loans to its portfolio. This transaction is expected to close in the third quarter of 2024.

The bank’s financial health is also reflected in its recent dividend announcement. Pathfinder Bancorp declared a quarterly cash dividend of $0.10 per share for both its voting and non-voting common stock, marking its 29th consecutive year of dividend payments. This follows a 3-year streak of dividend increases, demonstrating the company’s strong performance and commitment to shareholder returns.

With a market capitalization of $97.75 million and a P/E ratio of 14.85, Pathfinder Bancorp appears well-positioned in the banking industry. The recent executive appointments and strategic acquisitions, combined with a solid financial track record, suggest that the company is poised for continued growth in the future.

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