Pathfinder in New York raises $21 million
Pathfinder Bancorp. in Oswego, N.Y., has raised $20.8 million in capital.
The $975 million-asset company said in a press release Thursday that it had sold common stock and convertible perpetual preferred stock to an affiliate of Castle Creek Capital as part of a private placement.
Accredited investors, along with Pathfinder directors and executives, bought $3.8 million of the company's common stock.
Castle Creek now owns 9.9% of Pathfinder’s voting common stock and all of the nonvoting preferred stock.
Pathfinder said it will use the proceeds for general corporate purposes and to support future growth, which may include more lending and adding branches.