Pathfinder Bancorp in Oswego, N.Y., could raise nearly $27 million through a second-step conversion.
The planned sale would bring the $504 million-asset company a step closer to completing a previously announced conversion from a mutual thrift to a fully public holding company.
Pathfinder plans to sell 1.7 million to 2.3 million shares of common stock at $10 each, which would allow it to raise $17 million to $23 million. Pathfinder said it may increase the number of shares for sale without prior notice by up to 15%, which could increase the size of the offering to $26.5 million.
To complete the conversion, Pathfinder must sell at least 1.7 million shares and receive approval from shareholders and regulators.
Pathfinder has also established an information center to handle stock inquiries. The center will open on Aug. 25. Pathfinder has eight branches in New York; it is planning to open a branch in Syracuse, N.Y., this quarter.