Pioneer Bancorp, Inc./MD (PBFS): M&A transaction — Pioneer acquires Targeted Lending for ~$140M enterprise value; launches Specialty Financing division

Pioneer Bancorp, Inc./MD

All-cash acquisition of 100% membership interests; base purchase price ~$54M plus ~$88M debt repayment.
Adds nationwide equipment financing platform with ~$120M loan portfolio.
Brian Gallo, CEO of Targeted Lending, will lead new Pioneer Specialty Financing division.
Earn-out up to $3M over three years contingent on net income thresholds.
Transaction closed simultaneously on April 24, 2026.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Pioneer Bancorp, Inc./MD completed an acquisition involving Targeted Lending Co., LLC for approximately $140 million in enterprise value (closed 2026-04-24).

Action: acquisition
Counterparty: Targeted Lending Co., LLC
Consideration: approximately $140 million in enterprise value
Closing: 2026-04-24

Exact text from the filing

the “Sellers”, and Brian Gallo, solely in his capacity as the representative of the Sellers (the “Seller Representative”). The all-cash transaction is valued at approximately $140 million in enterprise value. The aggregate consideration for the Purchased Interests consists of a base purchase price of approximately $54 million (the “Base Purchase Price”), subject

View on SEC.gov

Browse all m&a transactions →

Pioneer Bancorp, Inc./MD filing history →

Source: SEC EDGAR

accession 0001104659-26-049906

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.