Pathfinder Bancorp, Inc. announced it has sold the assets of its subsidiary, Oswego-based insurance group, FitzGibbons Agency LLC, to Marshall & Sterling Enterprises, Inc., an insurance broker headquartered in Poughkeepsie.
Through its subsidiary, Pathfinder Risk Management Company, Inc., the bank owns a 51% interest in the FitzGibbons Agency, LLC, a third-generation independent insurance agency serving the Oswego and Onondaga communities.
In a statement, James A. Dowd, president and CEO of Pathfinder Bank said: “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. 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.
The bank intends to enter into an Enterprise Referral Agreement with Marshall+Sterling, solidifying a valued partnership, and paving the way for continued collaboration.
Founded in 1864, Marshall+Sterling is one of the 50 largest independent insurance brokerages in the U.S.
In addition to property and casualty insurance, Marshall+Sterling is a leader in employee benefits, risk management and wealth advisory services. In 2023, the company ranked as the second-largest property and casualty and health insurance brokerage in the Capital Region, according to the Albany Business Review.
About Pathfinder Bancorp, Inc.
Pathfinder Bank is a New York state chartered commercial bank headquartered in Oswego, whose deposits are insured by the Federal Deposit Insurance Corporation. The bank is a wholly owned subsidiary of Pathfinder Bancorp, Inc., (NASDAQ SmallCap Market; symbol: PBHC, listing: PathBcp). The bank has 12 full-service offices located in its market areas consisting of Oswego and Onondaga counties and one limited purpose office in Oneida County.
