Albany, N.Y.-based Pioneer Savings Bank is looking to raise money through a minority stock sale as it reorganizes itself into a mutual holding company, the Times Union reported Jan. 17.
The newly formed stock holding company intends to sell up to 49% of its shares to eligible depositors and tax-qualified employee benefit plans. The exact amount to be offered is, however, subject to an appraisal of the bank.
The bank intends to contribute some of the proceeds to the Pioneer Bank Foundation, a non-profit organization.
A prospectus will be sent to depositors by the second quarter to buy stock, according to the report.