Welcome to our dedicated page for Peapack-Gladstone Finl news (Ticker: PGC), a resource for investors and traders seeking the latest updates and insights on Peapack-Gladstone Finl stock.
Peapack-Gladstone Financial Corp (PGC), a bank holding company serving businesses and individuals since 1921, provides this centralized hub for official news and financial updates. Track material developments across commercial banking, wealth management, and strategic initiatives through verified press releases and regulatory filings.
This resource delivers timely access to earnings announcements, leadership updates, merger activity, and regulatory compliance matters. Investors gain insights into PGC’s operational performance while analysts find structured data for informed assessments. All content adheres to financial disclosure standards.
Key updates include quarterly earnings calls, executive appointments, partnership agreements, and service expansions. Content is curated to highlight developments impacting PGC’s market position and client offerings. Bookmark this page for efficient tracking of material events affecting one of New Jersey’s established financial institutions.
Peapack-Gladstone Financial (NASDAQ: PGC) has appointed Paula Gambino as Senior Vice President, Head of SBA at Peapack-Gladstone Bank. Based in Bedminster, New Jersey, Gambino brings over 25 years of financial services experience and will lead the expansion of the Bank's SBA business.
Previously, she served as SVP and Director of SBA Lending at Somerset Regal Bank and Community First Bank, where she successfully launched and managed Small Business Lending operations. The Bank, with total assets of $6.9 billion and assets under management of $12.1 billion as of September 30, 2024, aims to strengthen its SBA Lending Division to support small business owners with customized financial solutions.
Peapack-Gladstone Financial (NASDAQ: PGC) announced plans to rebrand as Peapack Private Bank & Trust on January 1, 2025. The $6.8 billion commercial bank will unite its banking and wealth management divisions under a single brand to strengthen its presence in the New York metropolitan market. The rebranding decision follows extensive market research and client feedback, aiming to maintain the company's century-old reputation while expanding its services. The bank currently manages $12.1 billion in assets under management/administration as of September 30, 2024, and will continue its single point of contact business model offering comprehensive banking solutions.
Peapack-Gladstone Financial (NASDAQ: PGC) reported its third-quarter 2024 financial results. Deposits grew by $279 million to $5.9 billion, a 20% annualized rate, with noninterest-bearing deposits up by $130 million. Loan balances also increased by $51 million to $5.3 billion. The company achieved net income of $7.6 million and an EPS of $0.43, slightly up from the previous quarter. Net interest income rose by $2.6 million to $37.7 million, driven by an improved net interest margin of 2.34%. Wealth management assets reached a record $12.1 billion, with fee income at $15.2 million. Despite a 41% drop in pretax income year-over-year, capital ratios remain strong, and the company repurchased 100,000 shares at $2.6 million. Moody's reaffirmed the company's investment-grade ratings with a stable outlook. CEO Douglas Kennedy highlighted the success of their New York market expansion and private banking strategy.
Peapack-Gladstone Financial (NASDAQ: PGC) and Peapack-Gladstone Bank have announced the appointment of Michael Anthony Guarino, Esq. as Senior Vice President, Attorney. Based in Bedminster, New Jersey, and New York City, Guarino will handle legal issues from the New York office and support the Bank's executive team on legal and policy matters.
With over 25 years of experience in financial services, Guarino brings expertise in legal, regulatory risk assessment, compliance management, fraud and AML investigations, and vendor management. He previously held senior positions at Metropolitan Commercial Bank and Israel Discount Bank of New York.
Guarino holds a Bachelor of Arts from Rutgers University and a Juris Doctor from Seton Hall Law School. He is a member of both New Jersey and New York Bars and is certified as a Compliance Manager (ICB) and Regulatory Compliance Manager (CRCM).
Peapack-Gladstone Financial (NASDAQ: PGC) announced that Moody's Investors Service has confirmed investment grade ratings for both the Company and its banking subsidiary, Peapack-Gladstone Bank. Moody's confirmed the Baa3 long-term local currency issuer rating for the Company and the baa2 baseline credit assessment for the Bank. The outlook on long-term ratings has been changed to 'stable' from 'under review'.
Moody's cited the Company's solid capital position and recent improvements in funding and liquidity profile as mitigants against the Bank's risk profile. The deposit base demonstrated resilience during the 2023 regional banking crisis. Peapack-Gladstone Financial also holds an investment grade credit rating from Kroll Bond Rating Agency, affirmed in May 2024.
Peapack-Gladstone Financial (NASDAQ: PGC) has announced that Vanessa Tortorice has joined Peapack Private's New York City location as Senior Managing Director. With 12 years of experience in financial services, Tortorice will contribute to the growth of commercial and industrial business in the New York market. She previously served as Vice President and Senior Business Banker at M&T Bank and as Vice President, Business Banking at Capital One, where she consistently exceeded performance targets.
Peapack-Gladstone Financial , founded in 1921, is a New Jersey bank holding company with total assets of $6.51 billion and assets under management and/or administration of $11.5 billion as of June 30, 2024. The company offers client-centric banking services, including wealth management, investment banking, and commercial and retail solutions through its Peapack-Gladstone Bank and Peapack Private divisions.
Peapack-Gladstone Financial (NASDAQ: PGC) has announced the promotion of MJ Sully, Esq. to Senior Managing Director and Chief Fiduciary Officer at Peapack Private, a division of Peapack-Gladstone Bank. Sully has also been named President of PGB Trust & Investments of Delaware, a bank subsidiary. In her role, she manages trust and estate professionals in New Jersey and Delaware, overseeing various financial services.
Sully, who joined the organization in 2007, has an extensive legal background, including private practice and government roles. She has lectured on various legal topics and appeared as a legal expert on television. Sully holds degrees from The University of Notre Dame, including a BA, MSA, and JD. She is admitted to practice law in New Jersey and Pennsylvania and serves on several boards and committees.
Peapack-Gladstone Financial (NASDAQ: PGC) reported Q2 2024 results, highlighting a net income of $7.5 million and diluted EPS of $0.42, down from $13.1 million and $0.73 in Q2 2023. Total revenue was $56.6 million, a slight decrease from $57.5 million in Q2 2023. The company saw strong growth in core relationship deposits, up $354 million to $4.6 billion, which enabled the repayment of all $119.5 million of short-term borrowings. Net interest margin improved to 2.25% from 2.20% in Q1 2024. Despite a 3% decline in total loans and higher operating expenses due to NYC expansion, the company repurchased 100,000 shares in Q2 2024. Wealth management fee income rose to $16.4 million, contributing to $171 million in new business inflows. Nonperforming assets increased to $82.1 million. The effective tax rate reduced to 21.2%. CEO Douglas L. Kennedy emphasized the strategic expansion in NYC and positive momentum in customer deposit growth and liquidity profile.
