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We've Acquired Anchor Agency, Inc.

Both Pioneer Bank and Anchor Agency have long histories in the Capital Region. This deal will help us strengthen service offerings to our customers.

July 12, 2016

TROY, NY - We have announced today that we officially acquired Anchor Agency, Inc. of Albany and are confident that this acquisition will strengthen our service offerings to our current and future customers.

Anchor Agency, Inc. is an independent insurance agency with a more than 50-year history in the Capital Region. The agency will maintain its name and continue serving its existing clientele.

“We could not be more thrilled to bring Anchor Agency, Inc. into the Pioneer Bank family, ” said Pioneer Bank President and CEO Tom Amell. “We are confident that this acquisition will prove to be mutually beneficial, not only to both organizations, but to both of our customer bases, as well.”

“Anchor Agency Inc. and Pioneer Bank share the same mission of providing top quality services for our clients” said Anchor Agency. Inc. Chairman Marvin Freedman. “We are now better positioned to serve our customers, and we look forward to moving forward within this new partnership.”

“This is an important occasion for both Anchor Agency, Inc. and Pioneer Bank,” said Anchor Agency. Inc. President Fred Stemp. “Finalizing the acquisition represents a huge step forward for our organization, and I could not be happier to continue our traditions of excellence together.”

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 products.

We recently announced that we had entered into an agreement to purchase two Berkshire Bank branches in Greene County. A closing is expected in early August. Additionally, we are building a new headquarters that will have a new Banking Center on the first floor on Albany-Shaker Road in Colonie, with an anticipated late summer opening. With the addition of these branches, we will have 21 branches throughout the Capital Region.

We are dedicated to providing our customers with a convenient, highly personalized level of customer service matched only by our commitment to the values upon which we were founded, and a dedication to being a convenient business partner. A bank firmly rooted in its local history, our philosophy revolves around conducting business responsibly, personal investment in employees and giving back to the communities we serve while being easy to do business with.

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