Pathfinder Bancorp CFO to retire; bank names successor

OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), parent company of Pathfinder Bank, on May 8 announced that its senior VP and chief financial officer (CFO), Walter F. Rusnak, 70, will retire from the role after a career spanning more than 40 years in finance, effective June 28. The Oswego-based banking company announced it has selected Justin K. Bigham, 50, to succeed Rusnak as senior VP and CFO. Rusnak will remain with Pathfinder in an advisory role to “ensure a smooth transition and to continue to oversee the bank’s investment securities portfolio and overall balance sheet management,” Pathfinder said in a release. Rusnak joined Pathfinder Bank in 2015 and has held a number of positions in accounting and finance, including VP of finance and first VP of finance and accounting. Prior to his time at Pathfinder, Rusnak was an advisory board member and founding principal of Ovitz Corporation, where he advised and supported the financial operations and corporate governance in a startup medical-device company and has held several roles in publicly traded banks and regional credit unions across the country. “Walter has been a great asset to Pathfinder Bank. His excellent judgment and deep expertise has contributed to the success of Pathfinder’s major strategic initiatives and growth over the past decade, including our common stock offering in 2019, the formulation of our current strategic plan and strategic objectives, enhancing our internal and external financial reporting, upgrading and modernizing our current financial reporting software, and he played, and continues to play, a very large role in our successful bid to acquire the East Syracuse branch of Berkshire Bank,” James A. Dowd, president and CEO, said. “These actions have fundamentally transformed the bank and have driven significant shareholder value.” Bigham comes to Pathfinder Bank with more than 25 years’ experience and a strong background in financial services, the company said. Bigham has served in several key roles at various large public companies including his most recent position as executive VP and chief community banking officer at Five Star Bank, after serving previously as its CFO. Prior to his time at Five Star Bank, he served as director of financial planning and treasury at HealthNow New York and spent six years in senior positions at First Niagara in both finance and business-line capacities, following seven years in increasingly responsible positions within the finance division at M&T Bank. Bigham, a CPA, earned a bachelor’s degree in business administration from St. Bonaventure University. “Justin brings deep financial expertise and a broad understanding of the banking sector, including a wealth of knowledge and experience across accounting, retail banking, branch systems, small business banking, wealth management, and marketing,” Dowd said in the release. “Justin’s experience, leadership skills, and shared values will help drive our strategy and growth ambitions and deliver value. I am excited to work with Justin and welcome him to the Pathfinder family.” Travillian, a national executive recruiting firm specializing in the financial-services sector, helped Pathfinder in sourcing and securing the CFO position through a nationwide search. Pathfinder Bank is a New York State chartered commercial bank, with $1.45 billion in total assets, that has 11 full-service offices located in its market areas consisting of Oswego and Onondaga counties, and one limited purpose office in Oneida County.