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): March 4, 2004
Pathfinder Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Federal 000-23601 16-1540137
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(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (315) 343-0057
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NOT APPLICABLE
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
ITEM 5. OTHER EVENTS
On March 4, 2004, Pathfinder Bancorp, Inc. issued the enclosed press release
regarding the announcement of a stock repurchase program.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
EXHIBIT 99 PRESS RELEASE DATED MARCH 4, 2004
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.
PATHFINDER BANCORP, INC.
Date: March 17, 2004 By: /s/ Thomas W. Schneider
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Thomas W. Schneider
President and Chief Executive Officer
EXHIBIT INDEX
The following Exhibit is filed as part of this report:
Exhibit 99 Press Release
EXHIBIT 99
CONTACT: Thomas W. Schneider
President & CEO
James A. Dowd
Vice President & CFO
FOR IMMEDIATE RELEASE
March 4, 2004
PATHFINDER BANCORP, INC. ANNOUNCES
STOCK REPURCHASE PROGRAM
Oswego, New York - Pathfinder Bancorp, Inc. announced today that it is
commencing a stock repurchase program to acquire up to 42,000 shares of the
Company's common stock, which represents approximately 5% of the publicly traded
common stock outstanding. A prior plan announced in July 2003 expired on
December 31, 2003.
Thomas W. Schneider, President and Chief Executive Officer of the Company,
stated that the Board of Directors has authorized the repurchase program, which
will expire on July 31, 2004. Mr. Schneider stated the Board of Directors
believes that a redemption or repurchase of this type is in the best interests
of the Company and its shareholders as a method to enhance long-term shareholder
value.
According to Mr. Schneider, the repurchases are authorized to be made by the
Company from time to time over the repurchase plan period as, in the opinion of
management, market conditions warrant. Any repurchased shares will be held as
treasury stock and will be available for general corporate purposes.
Pathfinder Bancorp, Inc. is the mid-tier holding company of Pathfinder Bank.
Pathfinder Bank is a New York State chartered savings bank headquartered in
Oswego, New York whose deposits are insured by the Federal Deposit Insurance
Corporation. The Bank has six full service offices located in its market area
within Oswego County.