Pioneer Bank is set to enhance its presence in the Capital Region with the announcement of new branch locations in both Watervliet and Cohoes, New York. For Watervliet residents, this means a brand-new, modern banking center is on the horizon, reaffirming Pioneer Bank’s commitment to the community.
The new Watervliet branch, replacing the existing location on Second Avenue, is slated to break ground in April. Upon completion, Pioneer Bank will operate a state-of-the-art 2,500-square-foot banking center within a newly developed building, sharing space with a 3,000-square-foot Stewart’s Shop. This innovative partnership will see the bank become a tenant of Stewart’s Shops, creating a convenient and accessible location for customers. The current Pioneer Bank branch will remain fully operational throughout the construction period, ensuring uninterrupted service for its clientele. The project is anticipated to reach completion sometime this summer, marking a significant upgrade for Pioneer Bank’s services in Watervliet.
Watervliet Mayor Michael Manning expressed enthusiasm for Pioneer Bank’s continued investment in the city. “I’m glad they’re staying and reinvesting to make their business more efficient,” Manning stated, highlighting the positive impact of the new branch on the local economy and community.
In addition to the Watervliet expansion, Pioneer Bank is also establishing a new location in Cohoes at 100 Mohawk Street. This site, formerly a First Niagara Bank branch, has been vacant and deteriorating for several years. Cohoes Mayor Shawn Morse initially announced Pioneer Bank’s arrival during his State of the City address in February, celebrating the bank’s commitment to Cohoes. “Pioneer Bank is not just another bank; they are truly part of the community,” Morse emphasized, underscoring the bank’s reputation and community-focused approach during his address.
Pioneer Bank officials have cited strong market share in Watervliet and Cohoes as key drivers for these investments. “Watervliet, Cohoes, and Green Island, that entire market and that entire corridor is really a cornerstone of what Pioneer Bank has been about for many, many years,” explained Pioneer Bank President and CEO Tom Amell. He further noted, “We really see that as a great opportunity because we currently have a large market share in that area and we also see a resurgence and growth in that area, specifically in Cohoes, so we made the decision that we wanted to invest in that market.”
Amell detailed the partnership with the City of Cohoes for the Mohawk Street property, explaining that Pioneer Bank purchased the vacant First Niagara site and will invest in interior renovations. As part of the agreement, the Cohoes Common Council has committed $50,000 towards enhancing the building’s facade. The Cohoes branch is also expected to be ready this summer, aligning with the Watervliet project timeline. The Cohoes Common Council approved transferring $125,000 into an economic development fund, with a portion allocated to the Pioneer Bank project, demonstrating the city’s support for this development.
Councilman Randy Koniowka expressed reservations about the use of public funds for a bank project, despite acknowledging Pioneer Bank’s positive local presence. However, the majority of the council supported the investment, recognizing the economic benefits Pioneer Bank brings to Cohoes.
Concurrently with these expansions, Pioneer Bank announced the upcoming closure of its Green Island branch on George Street. Amell clarified that this decision was based on customer transaction data, indicating that Green Island customers are equally or even closer to branches in Cohoes, Watervliet, or downtown Troy. “With closing this facility we will still be able to accommodate our customers since they could get to three of our other facilities equally as fast,” Amell assured.
This strategic realignment follows Pioneer Bank’s previous move of its headquarters from downtown Troy to Colonie last year, while retaining its branch location in Troy. The new corporate headquarters and banking center is situated at the intersection of Albany-Shaker Road and Wolf Road in Colonie. These developments underscore Pioneer Bank’s ongoing commitment to strategically investing in key markets while adapting its branch network to best serve its customer base across the Capital Region, particularly in communities like Watervliet and Cohoes.
