Pioneer Bancorp, Inc./MD completed its acquisition of Targeted Lending Co., LLC on 2026-04-24, according to the Form 8-K Pioneer Bancorp, Inc./MD filed with the SEC on 2026-04-28. The filing states a price of $140 million.
| Acquirer | Pioneer Bancorp, Inc./MD |
|---|---|
| Acquired | Targeted Lending Co., LLC |
| Completed | 2026-04-24 |
| Price stated in the filing | $140 million |
| Reported by | Pioneer Bancorp, Inc./MD (PBFS), the buyer |
| Filing | Form 8-K, filed 2026-04-28 |
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What the filing says
- Completion of Acquisition or Disposition of Assets On April 24, 2026, Pioneer Bank, National Association ("Pioneer" or the "Company"), through its wholly owned subsidiary, Targeted Lending Holdings, LLC (the "Purchaser"), completed the acquisition of 100% of the issued and outstanding membership interests (the "Purchased Interests") of Targeted Lending Co., LLC, a Delaware limited liability company ("Targeted Lending"), pursuant to an Equity Purchase Agreement, dated as of April 24, 2026 (the "Purchase Agreement"), by and among the Purchaser, the holders of such membership interests (collectively, the "Sellers", and Brian Gallo, solely in his capacity as the representative of the Sellers (the "Seller Representative").
The price, in the filing's words
The all-cash transaction is valued at approximately $140 million in enterprise value.
More from the filing
The aggregate consideration for the Purchased Interests consists of a base purchase price of approximately $54 million (the "Base Purchase Price"), subject to a customary post-closing purchase price adjustment mechanism based on the final determination of closing indebtedness of Targeted Lending and transaction expenses (as adjusted, the "Closing Purchase Price").
In connection with the transaction, Pioneer also repaid approximately $88 million in then-outstanding credit facility indebtedness of Targeted Lending.
The signing and closing of the transaction occurred simultaneously on April 24, 2026.
Quoted from Pioneer Bancorp, Inc./MD's Form 8-K.
This is the only completed acquisition Pioneer Bancorp, Inc./MD reported under Item 2.01 in the last twelve months.
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Get the free SnapshotWhere this comes from
A public company must file a current report on Form 8-K with the SEC within four business days of completing a significant acquisition or disposition of assets, under Item 2.01 of the report. The acquired company sometimes files one too, when the deal makes it a subsidiary of the buyer.
Every fact on this page is taken from one of those filings and linked to it: which company acquired which, the date the filing gives for completion, and the price when the filing states one in dollars, shown next to the sentence that states it. A filing states what was bought and on what terms; it rarely states why, and neither does this page.