Pioneer Bancorp, Inc./MD

Pioneer Bancorp, Inc. announced the appointment of Michael T. Keegan to its Board of Directors, effective July 21, 2026. Mr. Keegan brings over four decades of executive leadership experience in commercial and community banking, having most recently served as Senior Executive Vice President and Head of Community Banking at M&T Bank. He is expected to join the Audit and Compensation Committees of Pioneer's Board, as well as the Boards of Trustees/Directors of Pioneer Bancorp, MHC and Pioneer Bank, National Association.

Pioneer Bancorp completed the acquisition of Targeted Lending Co., LLC for an enterprise value of approximately $140 million, expanding its commercial lending capabilities. The company also acquired assets of two insurance agencies for $1.845 million. For the first quarter of 2026, net income decreased by 8.2% to $5.29 million, despite an 8.7% increase in net interest income to $20.75 million. Total assets grew to $2.22 billion, and deposits increased by 6.5% to $1.85 billion.

Pioneer Bancorp, Inc. (PBFS) reported Q1 2026 net income of $5.3 million, or $0.22 per basic and diluted share, a decrease from $5.8 million in Q1 2025. The company announced the completion of three acquisitions: Targeted Lending Co., LLC, Reiser Consulting Group, Inc., and Wyndham Benefits, LLC, expanding its specialty financing and employee benefits divisions. Key financial highlights include growth in net loans receivable by 3.3% to $1.70 billion and deposits by 6.5% to $1.85 billion from December 31, 2025. Net interest income increased by 8.7% to $20.8 million, and net interest margin rose by 9 basis points to 4.21%.

Pioneer Bancorp, Inc. (PBFS) announced the acquisition of 100% of the membership interests in Targeted Lending Co., LLC, an independent equipment financing company. The all-cash transaction is valued at approximately $140 million in enterprise value and closed on April 24, 2026. This acquisition adds a $120 million loan portfolio and establishes Pioneer's new Specialty Financing division, aiming to diversify income sources and expand commercial lending capabilities nationwide. The company expects the acquisition to be accretive to future earnings.

Pioneer Bancorp, Inc. announced the expansion of its employee benefits services business through the acquisitions of Reiser Consulting Group, Inc. and Wyndham Benefits, LLC. Both acquisitions were effective on April 20, 2026, and aim to strengthen Pioneer's presence in New York's Capital Region. Theresa Reiser, former owner of Reiser Consulting, has been appointed Vice President of Employee Benefits to oversee the newly expanded division.