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 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 (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.
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.