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Pioneer Bank Acquires Capital Region Strategic Employee Benefit Services

Deal signals Pioneer’s entry into the employee benefit market and continued expansion of Bank’s products and offerings.

July 1, 2017

ALBANY, NY – Pioneer Bank announced today the launch of Pioneer Benefits Consulting and the acquisition of The Capital Region Strategic Employee Benefit Services (SEBS) of Latham, a part of Northwestern Mutual – Latham. The deal is another expansion of Pioneer’s service offerings, which has recently included the launch and growth of Pioneer Wealth Management and last year’s acquisition of Anchor Agency, Inc.

Pioneer Benefits Consulting will be handling all Employee Benefit client relationships and transferring five employee benefits experts to Pioneer Bank’s headquarters. The team is headed by Cristina Tronco, who has nearly two decades of experience in the employee benefits industry, nine of them with SEBS.

“The launch of Pioneer Benefits Consulting continues our bank’s strategic growth and expands our commitment to providing solutions and services to our existing and future customers in the greater Capital Region,” said Pioneer Bank President and CEO Tom Amell. “Capital Region Strategic Employee Benefits Services is a respected leader in the employee benefits industry and we are extremely pleased to add the decades of experience on their team to the Pioneer family.”

“This is a tremendous opportunity to continue to build on the standard of excellence Capital Region Strategic Employee Benefits Service has earned over the past 10 years,” said Employee Benefits Specialist Cristina Tronco. “Existing clients of SEBS will see no interruption or change to the benefits or services they already receive – this will be a seamless transition that will be beneficial to our team members and our clients alike.”

Capital Region Strategic Employee Benefits Services is a local independently owned and operated company that participates in Northwestern Mutual’s Strategic Employee Benefits Services program. The firm provides employee benefits exclusively through the Northwestern Mutual Financial Network to provide a wide range of customized employee benefit programs, using the most respected providers. Products and services include, but are not limited to, medical insurance programs and disability protection.

Pioneer has been expanding its offerings in recent months, including its 2016 acquisition of Anchor Agency, Inc. of Albany, an insurance agency with a more than 50-year history in the Capital Region, in order to provide personal and commercial insurance, as well as various group and individual benefits. The deal was preceded by the formation of Pioneer Wealth Management, offering retirement, estate and succession planning.

Additionally, Pioneer Bank recently opened two new branches. Pioneer opened its first branch in Warren County, in the Town of Queensbury, on June 8, and new state of the art branch in Watervliet on June 12. The new branches highlight Pioneer Bank’s emphasis on providing a superior in-branch experience for customers, as well as a broadening of the banks geographic footprint.

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