Oswego County Savings Bank has a deal to merge with its crosstown rival, but OCS, a $110 million-asset mutual, must first convert to a stock company.

After it completes its conversion this quarter, Oswego County intends to sell to $191 million-asset Oswego City Savings Bank, according to recent filings with the Securities and Exchange Commission.

The deal calls for Oswego County shareholders to receive an undetermined number of shares of Pathfinder Bancorp, Oswego City's holding company. The deal price and number of shares will not be announced until after the conversion. But Oswego County shareholders will be paid at least a 15% premium for their shares, the SEC filing said.

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