TUESDAY, AUGUST 29, 1997

NEW YORK--The Federal Reserve Bank of New York Friday approved the application by Pathfinder Bancorp, MHC, and its subsidiary, Pathfinder Bancorp, both of Oswego, N.Y., for Pathfinder Bankcorp, MHC to acquire a majority of Pathfinder Bancorp's common stock and, immediately thereafter, for Pathfinder Bancorp to acquire 100 percent of the common stock of Oswego City Savings Bank, Oswego.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.