May 17, 2019

On May 9, 2019, Pathfinder Bancorp, Inc. (“Pathfinder”), Oswego, New York, the holding company for Pathfinder Bank, completed a private placement of $20.8 million of shares of common stock, a warrant to purchase shares of common stock, and shares of convertible perpetual preferred stock.  The offering was made to local investors and to Castle Creek Capital LLC, a California-based private equity firm.

Luse Gorman served as legal counsel to Pathfinder in the issuance. The Luse Gorman team consisted of Eric Luse, Benjamin Azoff, and Gregory Sobczak.

Pathfinder has total consolidated assets of approximately of $975.1 million and has ten full-service offices located in its market areas consisting of Oswego and Onondaga Counties and one limited purpose office located in Oneida County.