The New York Department of Financial Services on May 14 gave its conditional approval on Albany, N.Y.-based Pioneer Savings Bank's plan to reorganize into a two-tier mutual holding company.

Pioneer Savings Bank will convert to a stock-form savings bank from a mutual savings bank and become a subsidiary of Pioneer Bancorp Inc., which in turn will become a unit of Pioneer Bancorp MHC under the reorganization plan.

The Times Union in January reported that the Albany, N.Y.-based bank is selling up to 49% of its shares as part of the plan.