Short answer
Pioneer Bancorp, Inc./MD (PBFS) filed an 8-K current report with the SEC on April 28, 2026 reporting Item 2.01 (Completion of Acquisition or Disposition of Assets), Item 8.01 (Other Events), Item EX-99.1 (Exhibit EX-99.1). Pioneer completed the all-cash acquisition of Targeted Lending on April 24, 2026.
Pioneer Bancorp, Inc./MD 8-K event analysis
AI summary of each reported item and its exhibits
Item 2.01 · Completion of Acquisition or Disposition of Assets
- Pioneer completed the all-cash acquisition of Targeted Lending on April 24, 2026
- Transaction enterprise value approximately $140 million, including repayment of $88 million Targeted Lending debt
- Base purchase price approximately $54 million, subject to post-closing adjustments
- Earn-outs up to $3 million tied to net income thresholds through December 31, 2028
- Acquisition adds execution risk and potential earnings upside through Targeted Lending’s performance-based consideration
Item 8.01 · Other Events
- Pioneer announced a transaction on April 24, 2026, with details in Exhibit 99.1
- Investor presentation issued April 28, 2026, providing additional transaction rationale and expected implications
Item EX-99.1 · Exhibit EX-99.1
- Acquisition closed April 24, 2026, adding Targeted Lending as a wholly owned subsidiary
- Nationwide equipment-financing platform contributes approximately $120 million loan portfolio
- All-cash transaction valued at approximately $140 million enterprise value, subject to three-year performance earn-out adjustments
- New Specialty Financing division broadens commercial lending and diversifies Pioneer’s income sources
- Integration led by Targeted Lending CEO Brian Gallo and management team with more than 20 years’ experience together
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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