Pathfinder Bancorp, Inc. Announces First Quarter Earnings

Market Wire, April, 2009

On April 28, 2009, the Company announced that it has declared a cash dividend of $.03 per share on the Company's common stock relating to the quarter ended March 31, 2009. The dividend will be payable to all shareholders of record on May 15, 2009, payable on May 29, 2009. This dividend levels represents a 71% reduction from the previously established dividend level, as the Company seeks to enhance its capital metrics during the current stressed economic cycle.

About Pathfinder Bancorp, Inc.

Pathfinder Bancorp, Inc. is the mid-tier holding company of Pathfinder Bank, a New York chartered savings bank headquartered in Oswego, New York. The Bank has seven full service offices located in its market area consisting of Oswego County. Financial highlights for Pathfinder Bancorp, Inc. are attached. Presently, the only business conducted by Pathfinder Bancorp, Inc. is the 100% ownership of Pathfinder Bank and Pathfinder Statutory Trust I.

This release may contain certain forward-looking statements, which are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and economic, competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products, and services.