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Peapack-Gladstone Finl Corp - PGC STOCK NEWS

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.

Overview

Peapack-Gladstone Financial Corp is a storied institution operating as a bank holding company with a rich heritage dating back to 1921. Known for its client-centric approach and commitment to integrity and trust, the company has built its reputation by offering commercial banking, asset management, and wealth management services. It serves a broad range of business clients, non-profits, and individual consumers, ensuring tailored financial solutions that help establish and preserve legacies.

Banking Services

The Banking segment of Peapack-Gladstone Financial Corp offers comprehensive commercial lending solutions, including commercial real estate, multifamily, residential, and consumer loans. Through deposit services and an advanced online platform, the company delivers a seamless banking experience that caters to both personal and business requirements. By focusing on robust deposit generation and leveraging internet banking services, the company sustains a diversified revenue model and maintains high operational efficiency.

Asset and Wealth Management

Peapack Private, the specialized division of the company, is dedicated to asset and wealth management for both individuals and institutions. This division extends personalized trust services, financial planning, and investment advisory services that include non-deposit investment products subject to market risks. The structure of this division enables clients to benefit from customized financial strategies and trust administration, all conducted with a strong focus on discretion and professional expertise.

Private Investment Banking

Complementing its traditional banking operations, Peapack-Gladstone Financial Corp also provides investment banking services through Peapack Private Investment Banking. The division offers corporate advisory services and direct lending solutions, assisting middle-market companies and their owners with sophisticated financial strategies. Their comprehensive approach not only facilitates smooth complex transactions but also reinforces the company’s reputation in executing meticulous advisory roles in varied industries.

Commitment to Client Service

The company’s operational model is deeply rooted in an unwavering commitment to personalized client service. With private banking locations in Bedminster, Morristown, Princeton, and Teaneck, and a seamlessly integrated online presence, it ensures that clients receive tailored advice and support. This commitment to excellence is reflected in every interaction, upholding the values of integrity and professionalism that have defined the firm for over a century.

Market Position and Differential

Positioned as a high-performing boutique bank, Peapack-Gladstone Financial Corp stands out within the competitive landscape of financial services. While many institutions offer similar products, this firm distinguishes itself through its intricate blend of commercial banking expertise, advanced asset management solutions, and strategic investment banking services. Its dual focus on traditional lending and innovative financial advisory enables it to serve a diverse clientele while managing a balanced portfolio of deposit and non-deposit offerings. This multifaceted approach reinforces its standing as a trusted and knowledgeable partner in navigating complex financial environments.

Overall, Peapack-Gladstone Financial Corp exemplifies a balanced and methodical approach to banking and wealth management. It successfully integrates its long-established roots with innovative services, ensuring that every client—from large institutions to individual account holders—receives actionable, expert guidance geared toward preserving and growing their financial legacy.

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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.

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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.

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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.

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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).

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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.

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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.

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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.

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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.

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Peapack-Gladstone Financial (PGC) reports its first quarter 2024 financial results, showcasing a decrease in total revenue, net income, and diluted EPS compared to the prior year quarter. The company faced headwinds in margin compression and credit quality. Despite economic challenges, PGC is expanding into New York City, aiming to enhance liquidity, diversify the balance sheet, and improve profitability. Key highlights include growth in Wealth Management division, decline in loans, increase in deposits, reduction in borrowings, and stable liquidity position. PGC's capital position remains strong, with a focus on repurchasing shares and paying dividends.
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Peapack-Gladstone Financial (NASDAQ: PGC) appoints Greg Tamberlane as Senior Vice President, Head of Commercial Bank Operations in New York. Greg brings 10 years of financial services experience, previously working at Signature Bank, Corvil, Phreesia, ZocDoc, Argent, and Connecticut Business Systems.
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FAQ

What is the current stock price of Peapack-Gladstone Finl (PGC)?

The current stock price of Peapack-Gladstone Finl (PGC) is $29.06 as of April 1, 2025.

What is the market cap of Peapack-Gladstone Finl (PGC)?

The market cap of Peapack-Gladstone Finl (PGC) is approximately 509.8M.

What are the main business segments of Peapack-Gladstone Financial Corp?

The company operates through two primary segments: the Banking segment, which focuses on loans, deposits, and various lending solutions, and the Peapack Private division, which provides asset management, trust services, and financial advisory.

How does Peapack-Gladstone deliver its banking services?

The company offers a blend of conventional branch-based services and advanced online banking platforms, ensuring a comprehensive range of deposit, lending, and internet banking services tailored to both individuals and businesses.

What distinguishes the wealth management services offered by Peapack-Gladstone?

Its wealth management services are personalized and extend beyond traditional banking, providing asset management, financial planning, and trust services designed to preserve and expand the financial legacy of its clients.

What kind of lending solutions does the Banking segment provide?

The Banking segment offers a wide range of lending products including commercial real estate loans, multifamily financing, residential loans, and consumer lending, all developed to support diverse financial needs.

How does Peapack Private Investment Banking fit into the overall structure?

Peapack Private Investment Banking offers specialized corporate advisory services and direct lending solutions, assisting middle-market companies with complex financial transactions and strategic growth initiatives.

What values and characteristics have defined Peapack-Gladstone over its history?

The company has built a reputation based on integrity, personalized service, and a commitment to innovative financial solutions, establishing itself as a trusted partner for clients for over a century.

What industries and client types does the company serve?

Peapack-Gladstone serves a broad spectrum of clients including businesses, non-profit organizations, and individual consumers, offering services that cater to commercial, institutional, and personal financial needs.

How does the company differentiate itself in a competitive market?

By integrating traditional commercial banking with tailored wealth management and strategic investment banking services, Peapack-Gladstone offers a multifaceted approach that emphasizes quality client service, experienced advisory, and innovative financial solutions.
Peapack-Gladstone Finl Corp

Nasdaq:PGC

PGC Rankings

PGC Stock Data

509.76M
15.69M
10.81%
79.99%
2.99%
Banks - Regional
Commercial Banks, Nec
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United States
BEDMINSTER