Pathfinder Bancorp plans to price initial public offering of its stock

Deal conducted in connection with bank's conversion to stock issuer

By Devika Patel

Knoxville, Tenn., April 9 - Pathfinder Bancorp, Inc. said it plans a $10.12 million initial public offering of its stock. The offering is being conducted in connection with the conversion of Pathfinder Bank from the mutual to the stock form of organization.

Under the plan of conversion, Pathfinder Bancorp, MHC will sell its majority ownership in Pathfinder Bancorp, Inc. in a second-step stock offering. Simultaneously, Pathfinder Bancorp, Inc., which is currently in the mutual holding company structure, will reorganize to a fully public stock holding company.

Pathfinder Bank will become a subsidiary of a new holding company, which also will be named Pathfinder Bancorp, Inc. Company shares held by anyone other than Pathfinder Bancorp, MHC, whose shares will be canceled, will be converted into shares of the new holding company. Bank depositors as of March 31, 2013 will have first priority to purchase the shares.

The bank holding company is based in Oswego, N.Y.

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