OSWEGO — The insurance subsidiary of Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is now owned by a company in the Hudson Valley. Pathfinder says it has sold the assets of its subsidiary, FitzGibbons Agency LLC, to Marshall + Sterling Enterprises, Inc., an insurance broker headquartered in Poughkeepsie. Through its subsidiary, Pathfinder Risk Management Company, Inc., Pathfinder […]
OSWEGO — The insurance subsidiary of Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is now owned by a company in the Hudson Valley.
Pathfinder says it has sold the assets of its subsidiary, FitzGibbons Agency LLC, to Marshall + Sterling Enterprises, Inc., an insurance broker headquartered in Poughkeepsie.
Through its subsidiary, Pathfinder Risk Management Company, Inc., Pathfinder owned a 51 percent interest in the Oswego–based FitzGibbons Agency, a third-generation independent insurance agency serving the Oswego and Onondaga communities.
Pathfinder didn’t disclose the financial terms of the sale in its Oct. 15 announcement.
“FitzGibbons Agency has been an outstanding partner for the past 13 years, and together we’ve determined that Marshall+Sterling is the ideal partner for us,” James Dowd, president and CEO of Pathfinder Bancorp and its subsidiary Pathfinder Bank, said. “Their dedication to the communities they serve and their culture of providing the very best service to their customers is exactly what built the success of FitzGibbons Agency. We’re excited about our future and what our teams will be enabled to deliver to our clients and customers.”
Following the transaction, all nine FitzGibbons Agency employees, including John and Tara FitzGibbons, will join Marshall+Sterling. Pathfinder intends to enter into an enterprise referral agreement with Marshall+Sterling, “solidifying a valued partnership, and paving the way for continued collaboration,” per Pathfinder’s announcement.
Pathfinder Bank is a state chartered commercial bank headquartered in Oswego. It has 12 offices located in its market areas in Oswego and Onondaga counties and one limited purpose office in Oneida County.
