Pioneer Announces Launch of FINRA-Registered Broker-Dealer Subsidiary, Pioneer Capital Markets, Inc.
Albany, NY – Pioneer (NASDAQ: PBFS), a leading financial institution in New York’s Capital Region, today announced the formation and launch of Pioneer Capital Markets, Inc. (“Pioneer Capital Markets”), a wholly owned broker-dealer subsidiary. With an initial focus on proprietary trading of investment-grade municipal bonds, this marks Pioneer’s entry into regulated broker-dealer operations, enhancing the Company’s financial services capabilities. This launch underscores Pioneer’s ongoing strategy of diversifying our products and services to increase non-interest income. “Building on our More Than a Bank® strategy, Pioneer Capital Markets enhances our core offerings by leveraging proprietary municipal bond trading and interest income to deliver diversified, marketdriven revenue streams.” states Thomas Amell, President & CEO of Pioneer. The new division will be led by Peter Brandel as President and Robert Kursar as Senior Vice President, each bringing more than 30 years of broker-dealer experience, with Gary Galarpe providing support as Chief Compliance Officer. “Pioneer Capital Markets enables us to apply our decades of experience working in a highly structured, well-regulated space to deliver disciplined, risk-conscious strategies,” said Peter Brandel, President of Pioneer Capital Markets “This business is built on expertise, strong governance, and processes designed to ensure stability.” Pioneer Capital Markets is registered with Financial Industry Regulatory Authority (FINRA), Securities Investment Protection Corporation (SIPC) and the Securities and Exchange Commission, and is based in North Carolina, leveraging a collaborative environment that allows compliance and operations to work closely together. Jesse Tomczak, Chief Banking Officer of Pioneer, states, “The strength of Pioneer Capital Markets lies in the deep experience and proven leadership of our team. Their expertise in regulated markets gives us confidence as we expand into this new line of business and continue to build on Pioneer’s diversification strategy.” Trading activities for Pioneer Capital Markets are expected to begin after January 1, 2026, subject to final regulatory approvals.