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Pathfinder Bancorp to merge 2 units in Q2

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Pathfinder Bancorp to merge 2 units in Q2

Oswego,N.Y.-based Pathfinder BancorpInc. expects to complete the process of merging units and inthe second quarter, according to an April 29 news release.

Presidentand CEO Thomas Schneider said in the release that the merger will streamlineoperations and position the entity as a New York State commercial bank goingforward. "The conversion provides a charter that is more consistent withour business model and evolving balance sheet," he added.

The companycompleted its conversion from a mutual holding company to full publicownership in October 2014.

PathfinderBancorp reported first-quarter net income available to common shareholders of$645,000, or 15 cents per share, compared to $497,000, or 12 cents per share,for the year-ago period.

In aseparate April 29 news release, Pathfinder Bancorp said its board has adopted astock repurchase program, whereby the company may repurchase up to 217,692common shares, or about 5% of its outstanding shares.