OSWEGO, N.Y. - Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, announced today that Executive Vice President and Chief Banking Officer Ronald Tascarella will retire on November 30, 2024, after an 18-year tenure with the bank. Joseph Serbun has been appointed as Senior Vice President and Chief Credit Officer, effective immediately.
Tascarella, who joined Pathfinder Bank in 2006, has been credited with playing a pivotal role in the bank's growth, particularly in the expansion into the greater Syracuse market. Under his leadership, the bank's loan portfolio surged from around $200 million to nearly $900 million as of June 30, 2024. His career, spanning over four decades, has been marked by a commitment to community banking and mentorship within and outside the organization.
James A. Dowd, President and CEO of Pathfinder, expressed gratitude for Tascarella's contributions and wished him well in his retirement. Dowd also praised Tascarella's dedication to serving the Central New York community and his influence on the bank's success.
Serbun, the newly appointed SVP and Chief Credit Officer, brings over 40 years of industry experience to his new role. He joined Pathfinder Bank in 2023 after retiring as President of Retail Banking at Community Bank. Serbun's extensive background includes senior management positions, and he is recognized for his strategic, operational, and financial expertise within the banking sector.
Dowd commented on Serbun's appointment, highlighting his comprehensive knowledge of the industry and the organization, as well as his respected reputation in business and finance circles in Syracuse and Central New York.
Pathfinder Bancorp, Inc., established in 1859, operates 12 full-service offices and one limited purpose office in New York. As a commercial bank with a $1.45 billion asset base, it is committed to serving the business and community members with quality products and services.
This news is based on a press release statement from Pathfinder Bancorp, Inc.
In other recent news, Pathfinder Bancorp has been making significant strides in its financial strategies and executive leadership. The company recently renewed the employment agreement with its President and CEO, James A. Dowd, and introduced a new change in control agreement with Senior Vice President and CFO, Justin Bigham.
The company has also declared a quarterly cash dividend of $0.10 per share for both its voting and non-voting common stock, a reflection of its financial performance for the fiscal quarter ending June 30, 2024.
Furthermore, Pathfinder Bancorp has announced the upcoming retirement of its Senior Vice President and Chief Financial Officer, Walter F. Rusnak, with Justin K. Bigham slated to take over his position.
In addition to these leadership changes, the company has gained approval to acquire a branch of Berkshire Bank located in East Syracuse, New York. This strategic expansion, which includes approximately $198 million in deposits and $32 million in consumer and residential loans, is expected to bolster the company's business growth.
These recent developments underscore Pathfinder Bancorp's strategic moves in its executive leadership and financial operations, with an emphasis on continuous growth and shareholder value.
InvestingPro Insights
As Pathfinder Bancorp, Inc. (NASDAQ: PBHC) navigates through a period of leadership transition, investors and stakeholders may find reassurance in the company's financial robustness and market performance. According to recent metrics from InvestingPro, PBHC has demonstrated a strong return over the last three months, with a 25.0% price total return and a year-to-date price total return of 16.02%. This positive momentum is reflective of the company's consistent performance, as it has maintained dividend payments for an impressive 29 consecutive years, marking a track record of reliable shareholder returns.
InvestingPro Data shows that PBHC's market capitalization stands at 95.86 million USD, with a price-to-earnings (P/E) ratio of 14.56, indicating a reasonable valuation relative to its earnings. Additionally, the company's revenue for the last twelve months as of Q2 2024 is reported at 41.44 million USD, with an operating income margin of 29.36%, suggesting efficient management and profitability.
InvestingPro Tips for PBHC highlight the company's ability to raise its dividend for 3 consecutive years, showcasing its commitment to returning value to its shareholders. However, it is noted that PBHC suffers from weak gross profit margins, which could be an area of focus for the incoming leadership to strengthen the company's financial health.
For investors looking for more in-depth analysis and additional insights, there are further InvestingPro Tips available at https://www.investing.com/pro/PBHC. These tips could serve as a valuable resource for making informed decisions regarding PBHC's stock, especially in light of the recent executive changes and the company's long-standing presence in the banking industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.