Pioneer Bank, based in Troy, New York, announced that it will acquire Anchor Agency Inc., an independent insurance agency in Albany, New York. Terms of the transaction were not disclosed.
Established in 1960, Anchor Agency provides personal insurance, commercial insurance, employee benefits (life, group health, long term care) and other group and individual benefits.
Under the arrangement, Anchor Agency will keep its name and continue serving its existing client base from its Albany location. Anchor Agency’s 23 employees will join Pioneer Bank as part of the transaction. The acquisition is pending regulatory approval.
Founded in 1889, Pioneer Bank is the only mutual bank serving New York’s Capital Region, the metropolitan area surrounding Albany. Pioneer Bank said this acquisition represents the bank’s first foray into the insurance brokerage business.
Pioneer Bank has approximately 240 employees and 21 branches throughout the Capital Region.
“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.
Amell said this acquisition is part of Pioneer Bank’s larger commitment to continue offering more diverse services to its customers.