Press Release

Approval of Applications by Pioneer Bancorp, MHC and Pioneer Bancorp, Inc.

May 15, 2019

NEW YORK—On May 14, 2019, the Federal Reserve Bank of New York approved the applications under Section 3 of the Bank Holding Company Act of 1956, as amended, by Pioneer Bancorp, MHC and Pioneer Bancorp, Inc., both of Albany, New York, to become bank holding companies by acquiring 100 percent of the voting shares of Pioneer Bank and Pioneer Commercial Bank, both of Albany, New York, in connection with a conversion of Pioneer Savings Bank, Albany, New York, from mutual to stock form and a minority stock issuance by Pioneer Bancorp, Inc.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.