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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) announces that Kim Waldron, Senior Managing Director of the Platinum Service Team, has graduated from the NJBankers Emerging Leaders Program. This nine-month program aims to develop leadership skills among future banking leaders. Waldron expressed gratitude for the support received during the program, citing valuable mentoring that equipped her for future leadership roles. Peapack-Gladstone Bank emphasizes employee development and has previously produced other graduates from this program. The corporation has total assets of $6.0 billion and wealth management assets of $7.6 billion.
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Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced the appointment of Michael E. DiNizo as Senior Managing Director, Commercial Private Banker. With over 27 years of financial services experience, he aims to enhance the bank's presence in the Commercial and Industrial sector. Prior to this role, DiNizo was at Capital One Bank, where he led client portfolio growth and received multiple accolades. Peapack-Gladstone, founded in 1921, has total assets of $6.0 billion and wealth management assets totaling $7.6 billion as of September 30, 2020.
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Peapack-Gladstone Financial Corporation (PGC) reported its third quarter 2020 results, revealing total revenue of $52.36 million and net income of $13.55 million, with diluted EPS of $0.71. Year-to-date revenue increased 11% to $143.22 million, despite a 34% decline in net income compared to 2019, driven by a $30.05 million provision for loan losses stemming from COVID-19 impacts. The company generated a $7.4 million gain from selling $355 million of PPP loans, while reporting strong deposit growth of 15% year-over-year.
Peapack-Gladstone Financial Corporation (PGC) has appointed Michael J. Mulcahy as Senior Managing Director, responsible for nurturing and expanding a portfolio of commercial clients. Previously at Capital One Bank, Mulcahy generated over $2MM in annual revenue and earned recognition as the No. 3 banker in the country in 2017. His extensive experience includes senior roles at Bank of America, PNC Bank, and JP Morgan Chase, showcasing a history of high performance and client portfolio management. Peapack-Gladstone Bank, founded in 1921, has $6.3 billion in assets and offers comprehensive financial solutions.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announces the appointment of Elisa DePalma as Senior Vice President, Head of Commercial Closing, Credit Risk Management. Based in Teaneck, she will enhance the Commercial Closing Department by overseeing loan processes and improving client service across various banking sectors. DePalma has a rich background, previously serving at Capital One and Citigroup, managing significant commercial loans. Peapack-Gladstone, with total assets of $6.3 billion, continues to strive for innovative banking solutions.
Peapack-Gladstone Bank has sold $354.9 million in Paycheck Protection Program loans to The Loan Source, Inc., anticipating a pre-tax gain of approximately $7.4 million for the current quarter. Post-sale, the bank will retain around $203.5 million in PPP loans, with most exceeding $2 million in original principal. This strategic move aims to enable a return to normal operations, allowing staff to focus on traditional lending while leveraging The Loan Source’s expertise in loan servicing.
Peapack-Gladstone Financial Corporation (PGC) reported its Q2 2020 financial results, showcasing a revenue of $90.87 million and net income of $9.62 million. This represents an increase in revenue from $84.04 million in 2019, but a significant drop in net income from $22.98 million, primarily due to a $24.90 million provision for loan losses related to the COVID-19 pandemic. Despite challenges, the company managed a strong performance in wealth management, with fees increasing to $10 million. Additionally, PGC supported local businesses through PPP loans totaling approximately $600 million, aiding around 50,000 jobs.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has expanded its credit risk team with the appointment of two new members, Margaret Kot and Victoria Knipe, to support the growth of Peapack Capital, its equipment finance and leasing subsidiary. Peapack Capital has achieved over $650 million in net assets since its inception in April 2017. The Bank, with total assets of $5.8 billion, offers diverse financial solutions, including equipment financing ranging from $3 million to $30 million for corporate clients across the U.S.