Apr. 25 at 12:12 AM
Pioneer Bancorp Inc. announced it will acquire Targeted Lending Co. LLC for about
$140M in cash, sending its shares higher in after-hours trading.
The deal adds roughly
$120M in equipment loans and creates a new nationwide specialty lending platform focused on small and mid-sized business equipment financing. Targeted Lending will become Pioneer’s new Specialized Financing division and will continue operating from Williamsville, New York, with additional staff across the U.S.
The division will be led by Targeted Lending CEO Brian Gallo, while Pioneer said the acquisition supports its strategy to diversify revenue beyond traditional banking and expand into national equipment finance markets.
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