Pioneer Bank is reinforcing its dedication to the Capital Region with the announcement of new, modern branches in both Watervliet and Cohoes, New York. This expansion plan includes a brand-new facility for Pioneer Bank Watervliet, signaling a significant reinvestment in the local community and enhanced banking services for its residents.
The groundbreaking for the highly anticipated Pioneer Bank Watervliet project is slated for April. This new development will replace the existing, smaller branch currently located on Second Avenue. Upon completion, the new Pioneer Bank Watervliet will boast a spacious 2,500-square-foot banking center. An innovative aspect of this project is a partnership with Stewart’s Shops, a beloved regional convenience store chain. The Pioneer Bank Watervliet branch will be integrated into a new building alongside a 3,000-square-foot Stewart’s, with the bank becoming a tenant within the Stewart’s development.
Stewart’s Shops has purchased the development property directly from Pioneer Bank, demonstrating a collaborative approach to community development. Importantly, the current Pioneer Bank Watervliet branch will remain fully operational throughout the construction period, ensuring uninterrupted service for customers. The project is expected to reach completion this summer, promising a seamless transition to the upgraded facility.
Watervliet Mayor Michael Manning expressed enthusiasm for Pioneer Bank’s continued presence and investment in the city. “I’m glad they’re staying and reinvesting to make their business more efficient,” Mayor Manning stated, highlighting the positive impact of Pioneer Bank’s commitment to Watervliet.
In addition to the Watervliet expansion, Pioneer Bank also announced a new location in the neighboring city of Cohoes at 100 Mohawk Street. This site, formerly home to a First Niagara Bank branch, has been vacant and in decline for several years. Pioneer Bank’s decision to revitalize this property is seen as a significant boost for Cohoes’ ongoing revitalization efforts.
Cohoes Mayor Shawn Morse initially announced Pioneer Bank’s arrival during his State of the City address in February. He reiterated his excitement about this investment, emphasizing Pioneer Bank’s role as a true community partner. “Pioneer Bank is not just another bank; they are truly part of the community,” Mayor Morse declared during his address. “Their reputation as the premier community bank is not in words alone but their actions.”
Pioneer Bank officials have stated that their decision to invest in Watervliet and Cohoes is rooted in the strong market share they already hold in these areas. “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. “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 further elaborated on the Cohoes project, noting the partnership with the city to acquire the former First Niagara Bank property. As part of the agreement, Pioneer Bank is investing in extensive interior remodeling, while the Cohoes Common Council has pledged $50,000 towards enhancing the building’s facade. The new Cohoes location is also anticipated to be ready this summer, aligning with the Watervliet project timeline.
The Cohoes Common Council recently approved the allocation of funds for the facade project in a 5-1 vote, transferring $125,000 into an economic development fund, with a portion earmarked for the Pioneer Bank initiative. Councilman Randy Koniowka cast the dissenting vote, expressing philosophical reservations about using taxpayer funds for a bank, despite acknowledging Pioneer Bank’s local importance and positive impact.
Concurrently with these expansions, Pioneer Bank has made a strategic decision to consolidate its branch network. The Green Island Pioneer Bank branch on George Street will be closing as the new Watervliet and Cohoes locations come online. Tom Amell explained that this decision was based on customer transaction analysis, which indicated that Green Island customers were already frequently utilizing 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 series of moves follows Pioneer Bank’s recent relocation of its headquarters from downtown Troy to a new, larger facility in Colonie. While the headquarters has moved, the Pioneer Bank branch on 2nd Street in Troy remains open, underscoring the bank’s continued commitment to serving its diverse customer base across the region. The new headquarters is situated at the prominent intersection of Albany-Shaker Road and Wolf Road in Colonie.
Through the development of the new Pioneer Bank Watervliet and Cohoes branches, Pioneer Bank is demonstrating a strong commitment to providing modern, convenient banking services while investing in the economic vitality of upstate New York communities.
