---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-049906"
form_type: "8-K"
ticker: "PBFS"
cik: "0001769663"
company_name: "Pioneer Bancorp, Inc./MD"
filed_at: "2026-04-28T23:59:59+00:00"
generated_at: "2026-05-15T02:57:39.055995+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Pioneer acquires Targeted Lending for ~$140M enterprise value; launches Specialty Financing division

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-049906
- form_type: 8-K
- ticker: PBFS
- cik: 0001769663
- company_name: Pioneer Bancorp, Inc./MD
- filed_at: 2026-04-28T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1769663/000110465926049906/0001104659-26-049906-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1769663/000110465926049906/pbfs-20260424x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-049906
- JSON: https://secwatch.observer/filing/0001104659-26-049906.json
- Plain text: https://secwatch.observer/filing/0001104659-26-049906.txt

## Source-grounded claims
- claim_id: 6a98dd2f122fbf98d1dd49fc0741208cac77033b
  claim: Pioneer Bancorp, Inc./MD completed an acquisition involving Targeted Lending Co., LLC for approximately $140 million in enterprise value (closed 2026-04-24).
  evidence_excerpt: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1769663/000110465926049906/0001104659-26-049906-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.