Pathfinder Bancorp : Ambassador Financial Group :, Inc. Served as Financial Advisor to Pathfinder Bancorp, Inc. for $10 Million Subordinated Loan Agreement
October 16, 2015 at 09:16 am EDT
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ALLENTOWN, PA--(Marketwired - Oct 16, 2015) - Ambassador Financial Group, Inc. today announced the successful completion of a $10 million subordinated loan agreement (the "Subordinated Loan") for Pathfinder Bancorp, Inc. (NASDAQ: PBHC). The Subordinated Loan will qualify as Tier 2 capital and is scheduled to mature on October 15, 2025.
Headquartered in Oswego, Pathfinder Bancorp, Inc. has served its central New York State markets for 155 years. In October 2014, Pathfinder completed its "second-step" reorganization and stock offering; and became a fully-converted public company. Pathfinder intends to use part of the proceeds from the Subordinated Loan for general corporate purposes and to help support the repayment of $13 million of variable rate, non-cumulative perpetual senior preferred stock issued through the SBLF.
Thomas W. Schneider, President and CEO of Pathfinder Bancorp, Inc., commented, "We are very pleased with the transaction and Ambassador's role in advising us on this strategic initiative." Eric Tesche, Managing Director of Ambassador, added, "We are happy to assist Pathfinder Bancorp in strengthening and diversifying its capital structure. We appreciate this opportunity and look forward to continue serving our many bank clients."
About Ambassador Financial Group
Ambassador Financial Group, a FINRA registered broker-dealer, headquartered in Allentown, PA, offers a comprehensive suite of strategic, customized solutions to community banks and thrifts nationwide, including balance sheet management, investment banking, investor relations, and capital markets services. Ambassador Financial Group's recent successes include:
Old Line Bancshares, Inc. (MD) $6.6 million proposed acquisition of Regal Bancorp, Inc. (MD)
Eagle National Bancorp, Inc. (PA) $25.3 million proposed acquisition by ESSA Bancorp, Inc. (PA)
Juniata Valley Financial Corporation (PA) $13.2 million proposed acquisition of FNBPA Bancorp Inc. (PA)
Nicolet Bankshares, Inc. (WI) $12 million private placement of subordinated debt
York Traditions Bank (PA) $5.0 million private placement of subordinated debt
Carroll Bancorp (MD) $5.1 million private placement of common equity
Pathfinder Bancorp, Inc. is a holding company, which operates through its subsidiary Pathfinder Bank (the Bank). The Bank is primarily engaged in the business of attracting deposits from the public, and investing such deposits, in loans secured by commercial and residential real estate, and commercial business and consumer assets other than real estate. The Company also invests in mortgage-backed securities issued or guaranteed by United States Government sponsored enterprises, collateralized mortgage obligations and similar debt securities issued by both government sponsored entities and private (non-governmental) issuers, and asset-backed securities that are generally issued by private entities. Its loan portfolio includes municipal loans, home equity loans and lines and consumer loans. The Company operates over seven branch offices located in Oswego County, four branch offices in Onondaga County, and one limited purpose office in Oneida County.