Pioneer Bank to Acquire Jaeger & Flynn Associates
Acquisition of the respected employee benefits brokerage, insurance, third party administrative services, and human resources consulting firm will allow Pioneer Bank to provide an even greater depth of service to its existing and future business customers
ALBANY, NY – Pioneer Bank and Jaeger & Flynn Associates, Inc. (“Jaeger & Flynn”) announced today that they have entered into a definitive agreement pursuant to which Pioneer Bank will acquire Jaeger & Flynn, one of the largest and most respected employee benefits brokerage, insurance, third party administrative services, and human resources consulting providers in the Greater Capital Region. The move will allow Pioneer Bank to offer a greater range of services and value to its business customers.
The acquisition is expected to be completed this summer and is subject to closing conditions. Both organizations agreed that the companies’ cultures and customer-focused missions made the acquisition a natural fit.
“The addition of Jaeger & Flynn to the Pioneer Bank team uniquely positions us to be a true, full-service resource to our business clients. Our customers have a desire to focus on their businesses, and to do that they need a partner that can deliver seamless and world-class support across a variety of service areas. Additionally, Tom Flynn and Kurt Jaeger have built an organization whose business model fits perfectly with ours, and whose employee culture is of the caliber we practice at Pioneer,” said Thomas L. Amell, President and CEO of Pioneer Bank.
“I cannot think of a partner better suited for our company and our customers than Pioneer Bank. Their growth trajectory, their commitment to the customer and their employee culture are all in alignment with the values on which we’ve built Jaeger & Flynn’s success. This is a significant step for our company, and it will allow us to serve our customers – present and future – even better,” said Thomas Flynn, President and CEO of Jaeger & Flynn.
In 2016 Pioneer Bank acquired the Anchor Agency, a leader in business and personal insurance in the Capital District since its beginnings in 1960. The Bank then launched Pioneer Benefits Consulting in 2017, and since has aggressively expanded the scale and scope of its employee benefits brokerage and consulting services, property and casualty insurance agency offerings, as well as its customer base, serviced by the combined insurance agency operations at its corporate offices on Albany Shaker Road.
Founded in 1988, Jaeger & Flynn has grown to now serving over 500 business clients, as well as hundreds of individual insurance clients, from their three offices in Clifton Park, Saratoga Springs, and Glens Falls.
Together, the employees of the combined operations will continue to service their current clients and the over $400 million in combined premium volume the three entities now manage. Jaeger & Flynn, Anchor Agency and Pioneer Benefits Consulting will maintain their individual identities and will continue to operate from their existing office locations. Tom Flynn will become the President of Insurance Operations for the combined operations and Kurt Jaeger will remain in his leadership role at Jaeger & Flynn. Cristina Tronco and Kathy Boltz will continue in their leadership roles at Pioneer Benefits Consulting and the Anchor Agency, respectively.
About Pioneer Bank — As a leading financial institution in New York’s Capital Region, Pioneer Bank manages more than $1 billion in assets and operates 22 branches locally. Recognized as a “Best Places to Work” by the Albany Business Review six years running, Pioneer Bank delivers a world-class working environment for its employees and is continually evolving to meet the needs of its customers by offering new products, services and leading technologies. Pioneer Bank has earned a Five Star rating from Bauer Financial Inc. each quarter for more than a quarter-century – something only 5 percent of U.S. banks can claim. As the region’s only mutual bank, Pioneer Bank is committed to giving back to the communities in which it serves through the Pioneer Bank Foundation, which provides resources to nonprofit organizations that help improve the quality of life for children in the Capital Region. For more information on Pioneer Bank, please visit www.pioneerbanking.com.
About Jaeger & Flynn Associates, Inc. — Founded in 1988, Jaeger & Flynn is a leading Upstate New York provider of a full spectrum of insurance, employee benefits, and human resources support products and services including group benefits, human resources consulting, health and wellness program support, property and casualty insurance, and employee benefits administrative services. Nine-times recognized as an Albany Business Review “Best Places to Work” award winner, Jaeger & Flynn is built upon a tradition of integrity, industry leadership, and excellence. Jaeger & Flynn is committed to delivering tailored benefit solutions with thoughtful strategic planning, valuable professional services and technology-based solutions that result in sustained client and customer satisfaction. For more information on Jaeger & Flynn, please visit www.jaegerflynn.com.