A Message from Pioneer Bank President & CEO, Thomas L. Amell

10.10.2019

You may have seen in recent weeks news related to the closure of a payroll processing firm called MyPayrollHR. I want to clarify several pieces of information, including the relationship of Pioneer Bank to the incident and reports that the Bank has financial exposure as a result of the closure.

First and foremost, we understand this incident has affected thousands of people across the country, at no fault of their own. We at Pioneer Bank are aware of the distress the matter has caused and we offer our sympathy to all those affected.

Our first priority is and always will be to do what's right for our customers, our employees, the community, and our shareholders. The steps the Bank has taken to date have been in service of this mission.

Pioneer Bank has and will continue to work with the appropriate authorities as they investigate this incident. The Bank was just one of many financial institutions impacted nationwide, and it is likely that the investigations into this complex and far-reaching scheme will be a lengthy process. We are committed to seeing it through.

The Bank is more than equipped to handle this situation. Pioneer Bank is well capitalized, and while we are pursuing every avenue to fully recover any funds involved in this incident, the Bank is healthy and has sufficient capital to absorb the loss. We have been in operation for more than 130 years, and this singular incident will not threaten our future success.

In fact, our recent growth has positioned us to be able to serve you in an even greater capacity, and we look forward to providing you with the best products and service for your needs for many more years to come.

Thank you for your continued business and support.

Tom

We understand you may have questions regarding this matter and we encourage you to speak with our Customer Care Team at 518.730.3000.