Peapack-Gladstone (NASDAQ: PGC) plans $100M subordinated debt redemption

Rhea-AI Filing Summary

Peapack-Gladstone Financial Corporation plans to redeem all of its $100,000,000 aggregate principal amount of 3.50% Fixed-to-Floating Rate Subordinated Notes due December 22, 2030. The notes will be redeemed at 100% of principal plus accrued and unpaid interest, with redemption expected on or about March 2, 2026.

The company states it will remain well capitalized after this redemption, indicating that regulatory capital levels are expected to stay strong even after the subordinated debt is retired.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)    
March 2, 2026

PEAPACK-GLADSTONE FINANCIAL CORPORATION

(Exact Name of Registrant as Specified in Charter)

New Jersey		001-16197		22-3537895
(State or Other Jurisdiction		(Commission		(I.R.S. Employer
of Incorporation)		File Number)		Identification No.)

500 Hills Drive, Suite 300, Bedminster, New Jersey		07921
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code    
(908) 234-0700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common		PGC		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act.  ☐

Item 8.01 Other Events.

Peapack-Gladstone Financial Corporation (the “Company”) has provided notice to UMB Bank, as trustee, of its intent to redeem all of the $100,000,000 in aggregate principal amount of the Company’s 3.50% Fixed-to-Floating Rate Subordinated Notes due December 22, 2030 (the “Notes”).  The redemption price for the Notes is equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption, which is expected to occur on or about March 2, 2026.  The Company will remain well capitalized following the redemption.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		PEAPACK-GLADSTONE FINANCIAL CORPORATION
Dated:	March 2, 2026	By:	/s/ Frank A. Cavallaro
		Name:	Frank A. Cavallaro
		Title:	Senior Executive Vice President and Chief Financial Officer

FAQ

What did Peapack-Gladstone Financial Corporation (PGC) announce in this 8-K?

Peapack-Gladstone Financial Corporation announced its intent to redeem all of its $100,000,000 3.50% Fixed-to-Floating Rate Subordinated Notes due December 22, 2030. The company stated it will remain well capitalized following completion of this subordinated debt redemption.

How much subordinated debt is Peapack-Gladstone (PGC) redeeming?

Peapack-Gladstone plans to redeem $100,000,000 in aggregate principal amount of its 3.50% Fixed-to-Floating Rate Subordinated Notes. This represents the full principal amount of the outstanding notes referenced in the filing, which are scheduled to mature on December 22, 2030.

What is the redemption price for PGC’s 3.50% subordinated notes?

The redemption price equals 100% of the principal amount of the subordinated notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. This means noteholders receive full principal and any interest earned up to the day before redemption.

When is Peapack-Gladstone expecting to complete the note redemption?

Peapack-Gladstone expects the redemption of its 3.50% Fixed-to-Floating Rate Subordinated Notes to occur on or about March 2, 2026. The exact date may vary slightly, but the filing identifies this approximate timing for completing the transaction.

What interest rate do Peapack-Gladstone’s subordinated notes pay before redemption?

The subordinated notes carry a 3.50% fixed-to-floating interest rate. They are identified in the filing as 3.50% Fixed-to-Floating Rate Subordinated Notes due December 22, 2030, which are being fully redeemed by the company before their stated maturity date.

How will the note redemption affect Peapack-Gladstone’s capital position?

The company states it will remain well capitalized following the redemption of the subordinated notes. This indicates management expects regulatory capital ratios to stay at levels that qualify as well capitalized even after retiring the $100,000,000 in subordinated debt.

Filing Exhibits & Attachments

3 documents

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 21.5 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 15.7 KB