Pioneer Announces Acquisition of Targeted Lending Co., LLC, Launching Pioneer Specialty Financing Division
Transaction Adds Nationwide Equipment Financing Platform with approximately $120 Million Loan Portfolio
Albany, NY – Pioneer (NASDAQ: PBFS), a leading financial institution in New York’s Capital Region, today announced it has acquired 100% of the membership interests in Targeted Lending Co., LLC, (“Targeted Lending”), an independent equipment financing company with approximately $120 million of loans on its balance sheet.
Targeted Lending, as a wholly owned subsidiary of Pioneer, will operate as Pioneer’s newly formed Specialty Financing division, expanding Pioneer's commercial lending capabilities and extending its reach into nationwide equipment finance markets. Targeted Lending through its originator-centric equipment finance platform provides financing solutions for essential, income-producing equipment, offering loans up to $400,000 to small and mid-sized businesses across diverse industries.
“Targeted Lending represents a compelling strategic fit for Pioneer and advances our More Than a Bank® strategy by diversifying our income sources and launching a new national lending division focused on financing essential business equipment,” said Thomas Amell, President and CEO of Pioneer. “This acquisition enhances our ability to deliver a more comprehensive set of financial solutions to business owners throughout their growth lifecycle, while adding a seasoned team with a scalable, performance-driven operating model and deep industry relationships.”
Brian Gallo, CEO of Targeted Lending, will lead Pioneer Specialty Financing division, along with the existing Targeted Lending management team. The team brings more than 20 years of experience working together in equipment finance and specialty lending. The division will remain headquartered in Williamsville, New York, where the majority of Targeted Lending’s employees are based, with additional personnel located across the United States.
“Joining forces with Pioneer enables us to accelerate growth of our equipment finance platform while expanding opportunities for our clients and employees,” said Brian Gallo, CEO of Targeted Lending. “Pioneer’s stellar reputation as a financial institution and employer of choice make it an ideal partner as we continue to deliver high-quality specialty lending solutions nationwide.”
The all-cash transaction is valued at approximately $140 million in enterprise value, subject to potential adjustments for performance-based earn-out over a three-year period. The transaction closed on April 24, 2026.
Contact:
Cameron Miller, Communications Manager, Pioneer
(518) 730-3322 | [email protected]
Schuyler Bull, Vice President, Director of Marketing and Communications, Pioneer
(518) 730-3325 | [email protected]