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.

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