ROSWELL, New Mexico, February 15, 2021 – February marks 120 years in business for Pioneer Bank. Pioneer Bank opened its doors on February 19, 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 one of southern New Mexico’s most prominent community-based institutions for business and personal banking.
“Team Pioneer celebrates 120 years in business by reflecting on our past, but more importantly focusing on our future”, stated Christopher Palmer, President/CEO. “The most inspiring aspect of Pioneer Bank’s continued growth and success are our Team members and our partnership with the communities we serve. We owe our longevity to our Team, customers, and communities. We will continue to live up to our mission to make a positive difference in the lives of those who work, bank, and invest at Pioneer.”
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 of 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.
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.
In May of 1967, the name 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 the 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.
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. As of the end of 2020, assets stood at $861,653M.
Pioneer Bank continues to grow and is proud of their service to customers since 1901. Pioneer will pursue expanding their services with new technology and innovation to provide desired services to our customers.
Pioneer Bank takes being a “Community Bank” as a personal mission to partner with our communities to cultivate growth for all. This means more than just specializing in deposits and loans. Pioneer Bank understands our responsibility extends to our neighborhoods, cities and towns, state and nation. With over 150 employees in locations that cover southern New Mexico, we know that our success is dependent on the success of our communities.