Our History

Founded for the financial strength of the community

Pioneer Bank was founded in 1889 to serve the city of Troy, New York and its residents. At that time, banks were created for the people of the community, to promote savings, encourage home ownership and provide financial support to help people build a better life. These were the principles behind the mutual bank model; a financial institution whose management decisions were made for the good of the customer and whose success benefited the entire community.

Over the next 100 years, Pioneer Bank continued to grow, expanding our capabilities and reach, but always with the same values and a deep respect for our founding principles. From a single office open one evening a week, to constructing our new Headquarters, Pioneer Bank reached out to serve a larger community and create more jobs and opportunities for our neighbors.

Many other banks followed a different model, guiding their business to provide financial returns for investors and stockholders. We held firm to our belief that the customer, our employees and our community should come first. And now, in the 21st century, Pioneer Bank is the only mutual bank serving the Capital Region of New York, a proud distinction that sets us apart from other banks.

Today, Pioneer Bank offers our customers a comprehensive array of products and services, with competitive rates and the latest banking options. We have a suite of sophisticated, secure and easy to use eBanking tools, mobile banking apps and other tools to help customers save time and do more with their money. We have branch offices and ATMs throughout our area, some offering special services to fill community needs. And we're a leader in local lending, with fast, local decisions from people who know the area and go beyond expectations to make the deal happen.

Milestones in Pioneer Bank's History:

1889: A group of printers employed by a local newspaper, the Troy Daily Press, consulted with their employer, Henry O'Reilly Tucker, about the possibility of establishing a building loan and savings association to encourage the practice of saving. On March 7, 1889, the Pioneer Building Loan and Savings Association of Troy was incorporated. Five days later, on March 12, 1889, Pioneer opened for business. The premise was simple: anyone could become a member of the Association by completing applications on any Tuesday evening and paying an initiation fee of 50¢. Members could then invest in "shares," and allowed the privilege of borrowing for the purpose of purchasing real estate. The first loan was actually made one week after the Association was opened, for $2000.00 to a man named Knauffman, at 5% interest with a 3¢ premium per share.

1914: Pioneer expands hours of operation from one evening a week to Monday and Tuesday evenings.

1915: After 27 years of leasing business space, Pioneer purchased its own building at 30 Second Street from R.P.I. for $11,000.00.

1950: Pioneer moved their Main Office a few doors down to 21 Second Street. Pioneer purchased the building from the Niagara Mohawk Power Corporation; a building originally constructed in 1914 for the Troy Gas Company.

1953: Installation of a sophisticated (for its time) IBM data processing system.

1958: Pioneer opened a second office in Latham on June 2nd, 1958.

1972: Conversion from a savings and loan association to a savings bank. Watervliet office opened; SBLI Department opened.

1973: Rotterdam office opened.

1976: Installation of first online computer terminals, linking the bank to an off-site shared service center. Transactions were posted live and the effects of deposits, withdrawals, holds and payments were instantaneous on customer account balances.

1976: Pioneer introduced to its customers the precursor of today's checking and NOW accounts - the Payment Order Account. With this product, our original Checking Department area was created.

1981: Consumer lending powers were granted to savings banks in New York State.

1987: Introduction of the home equity loan.

1995: First ATM was installed in our Watervliet Office.

1996: Clifton Park West and Malta offices opened

1997: PSB Financial Services Inc. was formed.

1999: Installation of a new computer network and processing system to ensure our ability to effectively compete in the 21st century. Debit cards were offered for the first time to checking account customers. Wynantskill office opened.

2000: PSBFSI began offering a variety of other investment products by obtaining approval to sell mutual funds and securities. Brunswick office opened.

2001: Glenmont office opened.

2002: Waterford office opened.

2003: Addition of online banking, overdraft protection and commercial lending products. Colonie office opened.

2004: East Greenbush office and Green Island office opened.

2005: Albany office opened.

2007: Guilderland office opened.

2008: Pioneer Savings Bank assumed the name of Pioneer Bank, a full service bank serving individuals and businesses in the Capital Region.

2009: Pioneer Bank began using a "Proof of Deposit" (POD) technology to streamline check processing and improve processes.

2010: Delmar office opened despite the country enduring a recession.

2013: Clifton Park East office opened with a unique layout unlike any other bank. The branch includes a retail shop, digital picture printer, copy center and coin counter. This location is Pioneer's first USPS approved shipper branch. Albany office is relocated to 90 State Street with a modern layout.

2015: Glenmont office was updated to include a modern layout, conference room, and The Shops. Schenectady office opened and included Pioneer's first ITM (Interactive Teller Machine). This technology is the first of its kind in the Capital Region.

2016: Pioneer begins to grow rapidly. A partnership with Homestead Funding Corp. allows Pioneer to offer a wider range of mortgage products to homebuyers. Pioneer acquires Anchor Agency, Inc., a Capital Region based insurance agency, giving Pioneer the ability to offer a comprehensive line of insurance products to its commercial and retail customers. Pioneer also expands its footprint into Greene County with the acquisition of bank branches in Cairo and Greenville. Pioneer moves to its new state-of-the-art Headquarters in Colonie, NY. The building was constructed specifically for Pioneer Bank and includes retail space for businesses to lease as well as the Wolf Road office.