Peapack-Gladstone Financial Corporation reports bank holding company developments tied to commercial banking, private banking and wealth management. Through Peapack-Gladstone Bank and Peapack Private, company updates commonly address commercial and commercial real estate lending, deposit growth, treasury and escrow services, SBA lending, trust and estate administration, investment management and financial planning services.
Recurring news also includes quarterly results, balance-sheet and liquidity commentary, credit-rating actions, Metropolitan New York market expansion, senior banking and wealth-management hires, fiduciary leadership changes and brand positioning for the bank and its wealth division.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has opened its 20th branch in Boonton, NJ, enhancing its presence in the community. The new full-service location offers various banking solutions, including personal and business services, wealth management, and lending. Open Monday to Saturday, it features remote appointment options and COVID-19 safety measures. To attract new clients, the branch provides a $100 gift card to local restaurants for those opening eligible accounts. Peapack-Gladstone has over $5.9 billion in total assets and aims to continue its commitment to exceptional client service.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announces the promotion of Matthew Remo to Senior Vice President, Director of Strategy and Development at Peapack-Gladstone Bank. Remo’s responsibilities include developing business strategy and managing enterprise risk activities. His prior experience includes significant roles at the Federal Reserve Bank of New York and the bank’s Paycheck Protection Program. Peapack-Gladstone Financial reported total assets of $5.9 billion and wealth management assets of $8.8 billion as of December 31, 2020.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) is expanding its retail presence with a new branch in Boonton, NJ, marking its 20th location. The new facility, scheduled to open in early April 2021, will provide a full range of banking services including personal, business banking, and wealth management. The site is also the hub for the Bank’s Professional Services division. Celebrating a century in business, Peapack-Gladstone aims to enhance community-focused financial solutions during challenging times.
Peapack-Gladstone Financial Corporation (PGC) announces its investment banking division's successful advisory role in the sale of Randall Farms to Highview Capital. Randall, a leading processor of value-added meat products since 1952, will benefit from this acquisition through growth and geographical expansion. The financial terms remain undisclosed, but the deal signifies continued momentum in the food sector. Peapack’s expertise in guiding family-owned businesses was highlighted by Randall's owner, emphasizing the firm's strong reputation in the food industry.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) reported a 2020 net income of $26.19 million and diluted EPS of $1.37, both down significantly from 2019's $47.43 million and $2.44, respectively. The decline was primarily due to a $32.40 million provision for loan losses amid the COVID-19 pandemic. Despite increased net interest income from the Paycheck Protection Program and wealth management income, operating expenses rose by 19%. The company has authorized a buyback of 948,735 shares, aiming to manage excess capital and enhance shareholder value.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) declared a quarterly cash dividend of $0.05 per share on January 28, 2021. This dividend will be paid on February 26, 2021 to shareholders on record as of February 11, 2021. The company, with total assets of $6.0 billion and AUM/AUA of $7.6 billion, offers a range of financial services including innovative wealth management and commercial banking solutions.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has announced the promotion of Gregory M. Smith to President of Commercial Banking and Stuart Vorcheimer to Market President and Head of Commercial and Industrial (C&I) Lending at Peapack-Gladstone Bank. Smith's responsibilities include leading the bank's commercial banking operations, while Vorcheimer will oversee C&I lending. Both leaders bring extensive experience from Capital One Bank, contributing to the bank’s aim to enhance client service and expand its commercial offering, which is critical for future growth.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has appointed Maureen O’Hara as the Senior Managing Director, Commercial Private Banker for Commercial & Industrial (C&I) at Peapack-Gladstone Bank. Based in Teaneck, she will enhance the bank's commercial portfolio and deliver tailored solutions. O’Hara brings extensive experience from her role at Wells Fargo, where she managed upper-end business banking relationships. With total assets of $6.0 billion and wealth management assets of $7.6 billion, Peapack-Gladstone is committed to innovative financial services for businesses and consumers.
Peapack-Gladstone Financial Corporation (PGC) has completed a private placement of $100 million in fixed-to-floating subordinated notes due 2030. The notes, which will initially carry a 3.50% interest rate for five years, qualify as Tier 2 capital. Proceeds will be used for general corporate purposes, including potential debt redemption and acquisitions. Investment grade ratings from Kroll and Moody’s were received, reflecting organizational strength. The deal is positioned to enhance growth initiatives without diluting existing shareholders.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced the addition of Scott P. Noyes and Leigh Anderson from Noyes Capital Management to its wealth management team. This strategic move aims to enhance client service and support business growth. Scott Noyes, with over 30 years in the finance sector, is a CFA® and CFP® with experience managing high-net-worth clients. Leigh Anderson brings over 20 years of expertise in financial services. The company has total assets of $6 billion and assets under management of $7.6 billion as of September 30, 2020.