Pioneer in N.Y. forms specialty lending division after latest acquisition
Pioneer Bancorp in Albany, N.Y., made another niche acquisition.
The $2 billion-asset company said in a press release that it bought Targeted Lending, an equipment financing company with about $120 million of loans, for about $140 million in cash.
The acquisition will anchor Pioneer’s new specialty financing division. Brian Gallo, Targeted Lending’s CEO, will lead the division.
“Targeted Lending represents a compelling strategic fit for Pioneer and advances our … strategy by diversifying our income sources and launching a new national lending division focused on financing essential business equipment,” Thomas Amell, Pioneer’s president and CEO, said in the release.
“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,” Amell added.ce make it an ideal partner as we continue to deliver high-quality specialty lending solutions nationwide.”