The CEO of MyPayrollHR is now agreeing to a settlement with Pioneer Bank after the company’s sudden closure in Clifton Park in September without notifying clients and consumers, leaving some with negative bank account balances.

Pioneer Bank filed a lawsuit against Michael Mann for more than $35 million in unpaid loans last month. Mann acknowledged that debt with a consent judgment — which is a type of settlement agreement used when someone has been sued for a debt, but can't pay.

Mann was charged at the end of September with bank fraud.

The agreement still needs to be approved by the court.

There’s no word on how Pioneer Bank will recoup the money.