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.
Peapack-Gladstone Financial Corporation (PGC) reported strong second quarter 2021 results, with total revenue reaching $51.52 million, marking a 16% increase from Q2 2020. Net income surged to $14.42 million, or $0.74 per diluted share, compared to $8.24 million in the same quarter last year. Key drivers included increased wealth management income and a decreased provision for loan losses. The company repurchased 234,722 shares at an average price of $32.40, totaling $7.6 million, reinforcing its capital strategy. Nonperforming assets decreased to 0.10% of total assets, indicating improved asset quality.
Peapack-Gladstone Financial Corporation (PGC) has successfully acquired Princeton Portfolio Strategies Group (PPSG) as of July 1, 2021. This acquisition marks the eighth for the company in six years, contributing an additional $520 million in assets under management. Peapack Private, the bank’s wealth management division, enhances its offerings with this strategic move, aiming to meet the growing demand for tailored wealth management solutions. With a market value of approximately $9.4 billion in assets under administration, the acquisition aligns with Peapack's commitment to expand its reach in Mercer County.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has announced the appointment of Neil Viotto as Senior Vice President, Director of Residential and Consumer Lending. He will oversee residential and consumer lending operations, including loan origination management and new business development, from the headquarters in Bedminster, NJ. With over 29 years in the industry, Viotto previously held key positions at Somerset Savings Bank and Superior Mortgage Corp, enhancing operational efficiency and customer service. As of March 31, 2021, the corporation holds total assets of $6.0 billion.
Peapack-Gladstone Financial Corporation (PGC) announced its agreement to acquire Princeton Portfolio Strategies Group, LLC (PPSG), which manages approximately $550 million in assets. This acquisition aims to enhance earnings immediately and will integrate PPSG into Peapack Private, the bank's wealth management division. The transaction, expected to close in Q3 2021, is the bank's eighth acquisition since 2015. Peapack-Gladstone, with total assets of $6 billion and $9.4 billion in assets under management, aims to bolster its market presence through this strategic move.
Peapack-Gladstone Financial Corporation (PGC) reported Q1 2021 results with total revenue of $49.61 million, up from $46.27 million in Q1 2020, representing a 7% increase. Net income surged to $13.18 million with diluted EPS at $0.67, up 864% from $0.07 a year ago. The quarter benefitted from increased wealth management and capital markets income, alongside a significantly reduced provision for loan losses of $225,000 compared to $20 million in the previous year. The company also repurchased 158,033 shares under its stock buyback program.
Peapack-Gladstone Financial Corporation (PGC) has declared a quarterly cash dividend of $0.05 per share, set to be paid on May 25, 2021, to shareholders recorded by May 11, 2021. As of December 31, 2020, the company reported total assets of $5.9 billion and assets under management of $8.8 billion. Established in 1921, Peapack-Gladstone Bank focuses on wealth management, commercial, and retail banking services, striving to provide exceptional client service.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has elevated Jacqueline Reyes to senior vice president of BSA/AML/OFAC at Peapack-Gladstone Bank. With over 21 years in NJ banking, she previously served as assistant BSA and AML officer. Reyes has managed compliance programs as assets grew from $2.7 billion in 2015 to $5.9 billion as of December 2020. She holds an ACAMS designation and completed the bank's Emerging Leaders Program, receiving the NJBankers New Leaders in Banking Award in 2017.
Peapack-Gladstone Financial Corporation (PGC) is celebrating the 100th Anniversary of Peapack-Gladstone Bank on September 12, 2021. Throughout the year, the Bank will commemorate this milestone by sharing its history, which emphasizes its values of integrity and trust. To honor Dr. Susan Cole's retirement, the Bank has pledged a $100,000 donation to create a scholarship fund for students. The Bank continues to focus on providing value-added banking solutions, aiming to support its communities during these challenging times.
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.