Pathfinder to Convert to Public Holding Company

Pathfinder Bancorp (PBHC) in Oswego, N.Y., is planning to convert from a mutual thrift to a fully public holding company.

The $504 million-asset Pathfinder will sell its mutual holding company's majority stake in a second-step stock offering, according to a Wednesday press release. The mutual holding company owned 60.4% of Pathfinder's common stock as of Dec. 31. Pathfinder will then reorganize into a fully public stockholding company.

The number and price of shares to be sold in the offering have yet to be determined, according to the company's filing with the Securities and Exchange Commission. The dates of the conversion and offering have also not yet been determined.

Pathfinder appointed longtime director Chris Burritt as its new board chairman in January. It was released in November from a regulatory order issued by the Office of Thrift Supervision in 2009.