At Pioneer Bank, we know that our success is dependent on the success of our communities. We continue to evaluate and improve to provide local businesses with products that will help them grow. In 2017 we implemented a new philanthropic program, Team Pioneer, which supports local non-profit organizations that work to provide services in our community.
We have a history of strong partnerships with businesses and organizations that support the growth and well-being of our communities since 1901. We are excited to continue our work by offering products and services that not only meet our customer needs but also create a meaningful impact in our communities.
Pioneer Bank opened its doors on February 18, 1901 as the Roswell Building & Loan Association in Roswell, New Mexico, to meet the need for capital to finance home construction. Over the past century, Pioneer Bank has grown into southern New Mexico’s number one community-based institution for business and personal banking.
The original meeting of the stockholders was held on December 27, 1900. A committee of nine was chosen to prepare the charter and by-laws, which were filed with the Secretary of the Territory of New Mexico and approved by the stockholders on April 5, 1901.
The first President on the Board of Directors was D.S. Rosenwald. The first Directors were W.T. Jones (Vice-President), J.M. Hervey (Secretary), L.K. McGaffey (Treasurer), Nathan Jaffa, George Bixby, L.W. Martin, E.A. Cahoon, E.P. Rasumssen, Charles W. Haynes and W.T. Jones. Our Presidents throughout the early years also included Nathan Jaffa, 1902-1903 and 1906-1907; C.C. Tannehill, 1903-1906; E.A. Cahoon, 1907-1935; and Gov. J.F. Hinkle, 1935-1951.
The Association’s capital goal had originally been set at $100,000; however, by September 1, 1901, the founders had raised $200,000. During the 20th century, steady progress and success allowed the bank to add branches throughout southern New Mexico and establish Pioneer Mortgage Company in west Texas.
Through joint efforts of many, the Association weathered the depression years and established the Association as a sound financial institution serving Roswell and the Pecos Valley. The Association became a member of the Federal Home Loan Bank system on February 1, 1933; and its accounts were insured by the FLSIC on September 15, 1936.
By the early 1950’s, the Association reached assets of over $12,500,000. In May of 1967, the name of Roswell Building & Loan Association was changed to “Roswell Savings & Loan Association.” Equitable Building & Loan Association was merged with the Association in May, 1974. They again changed their name in April of 1975 to Pioneer Savings and Trust in an effort to reflect the broader scope of activities in which we were engaged.
In July, 1976, Pioneer converted from a mutual association to a stock association, issuing common stock. In 1994, we underwent another name change to Pioneer Savings Bank. Pioneer’s assets soared to $75,062,980 at the close of 1977.
On April 18, 2000, a name change to Pioneer Bank was adopted in order to reflect the full range of banking services offered to Pioneer’s communities. By the end of 2001, the assets held by the bank were $372,901,648. By 2016 assets were $737,315,000.
Pioneer Bank continues to grow and is proud of their service to customers since 1901. They continue to expand their services with new technology to keep up with current demands.