Pioneer Bank to Launch the Pioneer Bank Foundation
Pioneer Bank announced plans to establish a charitable foundation to focus on the needs of children in the Capital Region, CEO Thomas Amell said.
"The mission is centered on the theme of 'helping kids be kids'," Amell said, focusing on meeting their needs with education, nutrition, shelter and clothing.
Pioneer's employees are providing the seed money to establish the foundation through payroll deductions, Amell said, with the bank matching dollar for dollar their contributions.
A board composed of community members will determine how the money is distributed. Pioneer, based in Colonie, will cover all administrative and related expenses.
The idea of a charitable foundation originated with employees during meetings with Amell.
"Over the last five years we've had a great success in growing our bank," he said. "Establishing a charitable foundation was one of the ways to give back to the community."
Instead of funding charitable support as an expense, establishing the charitable foundation "makes it part of our business model," Amell said. "Our goal is to have 100 percent participation from our employee base. Whatever that number ends up being, Pioneer will match it dollar for dollar."
He also foresees the foundation supporting local causes already endorsed by the bank's business clients. Pioneer will manage the foundation's assets, he said.