Pioneer Bancorp in Albany, N.Y., has formed a broker-dealer subsidiary.
The $2 billion-asset company said in a press release that Pioneer Capital Markets will initially focus on proprietary trading of investment-grade municipal bonds.
“Pioneer Capital Markets enhances our core offerings by leveraging proprietary municipal bond trading and interest income to deliver diversified, market-driven revenue streams,” Thomas Amell, the company’s president and CEO, said in the release.
Peter Brandel is the broker-dealer’s president.
Trading activities are expected to begin after Jan. 1, subject to final regulatory approvals.