On July 17, 2019, Pioneer Bank, Albany, NY, completed its reorganization from a mutual savings bank to the mutual holding company form of organization.
Concurrently with the reorganization, Pioneer Bancorp, Inc., the newly formed holding company for Pioneer Bank, completed its initial public offering. Pioneer Bancorp, Inc. sold 11.2 million shares of its common stock at $10.00 per share, including 221,636 shares issued to Pioneer Bank’s employee stock ownership plan, and contributed 519,554 shares to the Pioneer Bank Charitable Foundation. Pioneer Bancorp, Inc. also issued 14,287,723 shares, or 55% of its outstanding common stock, to Pioneer Bancorp, MHC, a newly formed mutual holding company. Pioneer Bancorp, Inc.’s common stock began trading on the Nasdaq Capital Market under the symbol “PBFS” on July 18, 2019.
Luse Gorman served as legal counsel to Pioneer Bancorp, Inc. and Pioneer Bank in the reorganization and stock offering. The Luse Gorman team was led by Eric Luse, Jeffrey Cardone, Benjamin Azoff and Brendan Saxon.
Pioneer Bank has $1.4 billion in total assets and provides financial services through 22 offices in the capital region of New York.