Pioneer Bank plans to acquire Jaeger & Flynn Associates, an employee benefits brokerage, insurance, third-party administrative services, and human resources consultant which has offices in Saratoga Springs, Clifton Park and Glens Falls.
Pioneer has branches in Clifton Park, Malta and Queensbury.
The acquisition is intended to allow Pioneer to offer additional services to business customers, officials said. Terms of the deal weren’t revealed but it is expected to be completed this summer.
“The addition of Jaeger & Flynn to the Pioneer Bank team uniquely positions us to be a true, full-service resource to our business clients,” said Pioneer President and CEO Thomas L. Amell. “Additionally, Tom Flynn and Kurt Jaeger have built an organization whose business model fits perfectly with ours, and whose employee culture is of the caliber we practice at Pioneer.”
Jaeger & Flynn was founded in 1988 and has more than 500 business clients and hundreds of individual insurance clients.
Pioneer was founded in 1889 in Troy. It holds more than $1 billion in assets and operates 22 branches locally. Officials said employees of the three combined operations will continue serving their current clients.
The three will continue to operate with their individual identities and maintain their current offices. Jaeger & Flynn’s top leaders will remain on board—Flynn as president of insurance operations for the combined operations and Kurt Jaeger in his leadership role at Jaeger & Flynn.
Cristina Tronco and Kathy Boltz will continue in their leadership roles at Pioneer Benefits Consulting and the Anchor Agency, respectively.
