form8-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): December 29,
2008
PATHFINDER
BANCORP, INC.
(Exact
name of Registrant as specified in its charter)
Commission File
Number
000-23601
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Federal
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16-1540137
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(State
or Other Jurisdiction of
Incorporation
or Organization)
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(I.R.S.
Employer Identification Number)
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214 West First Street,
Oswego, NY 13126
(Address
of Principal Executive Office) (Zip Code)
(315)
343-0057
(Registrant’s
Telephone Number including area code)
Not
Applicable
Former
Name or Former Address, If Changed Since Last Report
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following
provisions:
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Section 8
– Other Events
Item
8.01
Pathfinder
Bancorp, Inc. Declares 4th Quarter
Dividend
Oswego,
New York, December 29, 2008 ………… Thomas W. Schneider, President/CEO of
Pathfinder Bancorp, Inc., the mid-tier holding company of Pathfinder Bank,
(NASDAQ SmallCap Market; symbol: PBHC, listing: PathBcp) has announced that the
Company has declared a cash dividend of $.1025 per share on the Company’s common
stock for the fiscal quarter ending December 31, 2008. The dividend
will be payable to all shareholders of record on January 16, 2009 and
will be paid on January 30, 2009.
In
addition, the Company announced that it may reduce 2009 dividends in order to
enhance its capital ratios during the current stressed economic
cycle. The Tier One Risk-Based Capital Ratio of the Company’s
subsidiary, Pathfinder Bank, was 10.0% at September 30, 2008. This
ratio is above the regulatory threshold for “well capitalized”
banks. “The Board of Directors and Management believe 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
value to our shareholders. We are grateful that we have a strong core
earnings base, and we remain committed to maintaining a strong capital position
for the Company,” 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. Financial highlights for Pathfinder Bancorp, Inc. are
attached. 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.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
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Date: December
29, 2008
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By:
/s/ Thomas W. Schneider
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Thomas
W. Schneider
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President
and Chief Executive Officer
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