Pioneer Bank agrees to acquire Anchor Agency, Inc.

Deal between two companies with long histories
in the Capital Region will benefit customers

TROY — Pioneer Bank announced today it will acquire Anchor Agency, Inc. of Albany, in a deal that will strengthen its service offerings to current and future customers.

Anchor Agency, Inc. is an independent insurance agency with a more than 50-year history in the Capital Region. Under the arrangement announced today, the agency will keep its name and continue serving its existing client base. The acquisition is pending regulatory approval.

“Bringing Anchor Agency, Inc. into Pioneer Bank makes perfect sense. Not only are we both respected institutions with a deep commitment to the Capital Region, we already share many of the same customers,” said Pioneer Bank President and CEO Tom Amell. “This acquisition is part of our larger commitment to continue offering more diverse services to our customers, and improving their experience every day.”

“I’m proud to be joining an organization like Pioneer Bank, which like Anchor Agency, Inc. really understands what it means to provide superior customer service. We’ve always made it our philosophy to offer top tier service at a competitive price, and Pioneer shares that goal with us,” said Anchor Agency. Inc. Chairman Marvin Freedman. “I look forward to continuing our decades of work in the Capital Region, now along with Pioneer Bank.”

“We are eager to begin working with Pioneer Bank to serve our customers even better,” said Anchor Agency. Inc. President Fred Stemp. “Our existing employees will continue on to ensure a completely seamless transition, and will lend their years of experience to our future customers, as well.”

Anchor Agency, Inc. was founded in 1960, and focuses on the areas of personal insurance, commercial insurance, employee benefits (life, group health, long term care) and other group and individual benefits.

Pioneer Bank recently announced it had entered into an agreement to purchase two Berkshire Bank branches in Greene County. Additionally, Pioneer is building a new Banking Center at its new headquarters on Albany-Shaker Road in Colonie. With the addition of these branches, Pioneer will have 21 branches throughout the Capital Region.

Pioneer Bank’s dedication to providing customers with a convenient, highly personalized level of customer service is matched only by its commitment to the values upon which it was founded, and a dedication to being easy to do business with. A bank firmly rooted in its local history, the Pioneer philosophy revolves around conducting business responsibly, personal investment in employees and giving back to the communities they serve.

About Pioneer Bank -- Pioneer Bank is the only mutual bank serving New York’s Capital Region. Pioneer has been serving its customers with banking and financial solutions since its founding in 1889. Pioneer has earned a Five Star rating from Bauer Financial Inc. each quarter for the past 25 years, a distinction held by less than 5% of banks in the country. For more information, visitwww.pioneerbanking.com.


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