Pioneer Bancorp acquires Targeted Lending for $140 million in cash

• Pioneer acquired 100% of membership interests in Targeted Lending, an equipment financing company with about $120 million of loans on its balance sheet.
• All-cash deal valued at about $140 million in enterprise value, subject to potential performance-based earn-out adjustments over three years.
• Transaction closed April 24, 2026.
• Targeted Lending will operate as Pioneer Specialty Financing division, expanding into nationwide equipment finance markets.
• Division will remain headquartered in Williamsville, New York, led by Targeted Lending CEO Brian Gallo.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Pioneer Bancorp Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001104659-26-049906), on April 28, 2026, and is solely responsible for the information contained therein.