Pioneer Bank - Albany NY Revenue and Competitors

On March 7, 1889, the Pioneer Building-Loan and Savings Association was incorporated and, for over 83 years, Pioneer operated as a savings and loan association in the City of Troy, New York. On July 1, 1972, Pioneer Building—Loan and Savings Association converted to a New York State Chartered mutual savings bank—Pioneer Savings Bank. Printers on the Troy Daily Press are credited with organizing Pioneer back in 1889, with the purpose being to encourage saving among the people and to provide a secure place for those savings. Pioneer offered a systematic savings plan where members could purchase shares in multiples of 25 cents per week. Penalties were due if weekly deposits were not made timely and bonuses were paid to those who regularly met their savings "due dates". Pioneer's accumulation of savings deposits was used to enable shareholders to purchase real estate and to improve their homes. To encourage timely and convenient repayment of such loans, Pioneer's mortgages were repayable in weekly installments to coincide with borrowers pay days. Since 1889 Pioneer has served the Capital District region of New York State. In 1958, a branch office was opened in the rapidly developing Latham community. In 1972, a third office was established in Watervliet and in 1973 our Rotterdam office was opened. We remained a small local bank until 1996 when, once again Pioneer expanded into the quickly developing area of Saratoga County, with two branches, one in Clifton Park, and another in Malta. Our most recent offices include Wynantskill, Brunswick, Glenmont, and Waterford.