OSWEGO, NY--(Marketwire - April 28, 2009) - Thomas W. Schneider, President/CEO of Pathfinder
Bancorp, Inc., the mid-tier holding company of Pathfinder Bank (
The current dividend level represents a 71% decrease from the fiscal year 2008 dividend level. "The Board of Directors and management of the Company believe that it is in the best interest of the shareholders to conserve capital at this time," said Schneider. "We also feel strongly that as we move through the current economic cycle, there will be opportunities to deploy capital that will enhance the value to our shareholders in the future. The Company remains committed to maintaining its strong capital position and we are pleased with the continued strong earnings performance during the first quarter of 2009," he added.
About Pathfinder Bancorp, Inc.
Pathfinder Bancorp, Inc. is the mid-tier holding company of Pathfinder Bank, a New York chartered savings bank headquartered in Oswego, New York. The Bank has seven full service offices located in its market area consisting of Oswego County. Presently, the only business conducted by Pathfinder Bancorp, Inc. is the 100% ownership of Pathfinder Bank and Pathfinder Statutory Trust I.
This release may contain certain forward-looking statements, which are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and economic, competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products, and services.
Contact Information: CONTACT: Thomas W. Schneider President & CEO (315) 343-0057