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 Corporation (NASDAQ: PGC) is a New Jersey bank holding company for Peapack-Gladstone Bank, a commercial bank founded in 1921. The company regularly issues news and press releases covering its commercial banking operations, private banking initiatives and wealth management activities under the Peapack Private brand.
News about Peapack-Gladstone often includes quarterly earnings results, updates on deposits, loans, net interest margin, capital ratios and liquidity. The company uses press releases and investor updates to discuss trends in net interest income, wealth management fee income, commercial and industrial lending, and core relationship deposit growth. These items provide insight into how the bank’s balance sheet and revenue mix are evolving over time.
In addition to financial results, Peapack-Gladstone announces developments in its private banking and wealth management businesses. Recent communications have highlighted the expansion of its New York City presence, the hiring of commercial private banking teams and senior leaders, and the growth of assets under management and/or administration in the Wealth Management Division. The company also reports on credit ratings actions by agencies such as Moody’s and KBRA.
Strategic branding and corporate initiatives are another recurring theme. The organization has announced an expected rebrand that will bring Peapack-Gladstone Bank and its wealth management division together under the Peapack Private Bank & Trust name. Personnel announcements, such as appointments of senior managing directors, fiduciary officers and SBA lending leaders, further illustrate how the bank is building out its capabilities.
Investors and clients can use the Peapack-Gladstone news stream to follow earnings releases, capital and liquidity updates, expansion into the metro New York market and the evolution of its private banking and wealth management strategy.
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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.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has filed a Form S-3 Registration Statement to register up to $100 million in shares for future issuance. This Shelf Registration allows for flexibility in capital raising when needed. CEO Doug Kennedy emphasized that there are no immediate plans to access the capital markets and that any future capital issuance will be carefully considered. As of March 31, 2020, the company reports total assets of $5.8 billion and AUM/AUA of $6.4 billion, highlighting its robust financial position.