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Peapack-Gladstone Financial Corp (PGC) is a well-established New Jersey bank holding company founded in 1921 and operates primarily through its subsidiary, Peapack-Gladstone Bank. The bank provides a comprehensive suite of commercial and private banking services to businesses, non-profits, and consumers. With a focus on high-quality client service and integrity, the bank has built a reputation for excellence in wealth management, lending, and deposit solutions.
The company operates through two main segments: Banking and Peapack Private. The Banking segment delivers a range of services including commercial real estate loans, multifamily and residential lending, consumer loans, deposit generation, and internet banking services. The Peapack Private division offers asset management services, personal trust services, administration, custody, guardianship, and other financial planning and advisory services for individuals and institutions.
Peapack-Gladstone Bank maintains several private banking locations in Bedminster, Morristown, Princeton, and Teaneck, New Jersey. It is known nationally for its unparalleled client service and trust. The bank also offers its high-performing boutique banking services through an extensive retail network and online platforms.
Recent achievements highlight the promotion of Heather Gibbs to Senior Vice President, Enterprise Risk and Information Security Officer. In addition, the bank is expanding its footprint into New York City with the active recruitment of experienced financial professionals. Under the leadership of Jeanne Scungio, the bank aims to bring its distinctive private banking services to the competitive New York marketplace.
Moreover, Peapack Private Investment Banking continues to make significant strides, recently participating in the successful transition of Super Stud Building Products Inc. to EB Metals Inc. This move demonstrates the bank's commitment to growing middle-market companies and ensuring the legacy of their clients is preserved and expanded.
As of March 31, 2023, Peapack-Gladstone Financial Corporation boasts total assets of $6.5 billion and assets under management and/or administration of $10.4 billion. The company’s strategic approach and diverse service offerings position it as a leader in the industry, redefining client-centric banking and wealth management solutions.
For more information, visit their websites at www.pgbank.com and www.peapackprivate.com.
Peapack-Gladstone Financial (NASDAQ: PGC) has appointed Paula Gambino as Senior Vice President, Head of SBA at Peapack-Gladstone Bank. Based in Bedminster, New Jersey, Gambino brings over 25 years of financial services experience and will lead the expansion of the Bank's SBA business.
Previously, she served as SVP and Director of SBA Lending at Somerset Regal Bank and Community First Bank, where she successfully launched and managed Small Business Lending operations. The Bank, with total assets of $6.9 billion and assets under management of $12.1 billion as of September 30, 2024, aims to strengthen its SBA Lending Division to support small business owners with customized financial solutions.
Peapack-Gladstone Financial (NASDAQ: PGC) announced plans to rebrand as Peapack Private Bank & Trust on January 1, 2025. The $6.8 billion commercial bank will unite its banking and wealth management divisions under a single brand to strengthen its presence in the New York metropolitan market. The rebranding decision follows extensive market research and client feedback, aiming to maintain the company's century-old reputation while expanding its services. The bank currently manages $12.1 billion in assets under management/administration as of September 30, 2024, and will continue its single point of contact business model offering comprehensive banking solutions.
Peapack-Gladstone Financial (NASDAQ: PGC) reported its third-quarter 2024 financial results. Deposits grew by $279 million to $5.9 billion, a 20% annualized rate, with noninterest-bearing deposits up by $130 million. Loan balances also increased by $51 million to $5.3 billion. The company achieved net income of $7.6 million and an EPS of $0.43, slightly up from the previous quarter. Net interest income rose by $2.6 million to $37.7 million, driven by an improved net interest margin of 2.34%. Wealth management assets reached a record $12.1 billion, with fee income at $15.2 million. Despite a 41% drop in pretax income year-over-year, capital ratios remain strong, and the company repurchased 100,000 shares at $2.6 million. Moody's reaffirmed the company's investment-grade ratings with a stable outlook. CEO Douglas Kennedy highlighted the success of their New York market expansion and private banking strategy.
Peapack-Gladstone Financial (NASDAQ: PGC) and Peapack-Gladstone Bank have announced the appointment of Michael Anthony Guarino, Esq. as Senior Vice President, Attorney. Based in Bedminster, New Jersey, and New York City, Guarino will handle legal issues from the New York office and support the Bank's executive team on legal and policy matters.
With over 25 years of experience in financial services, Guarino brings expertise in legal, regulatory risk assessment, compliance management, fraud and AML investigations, and vendor management. He previously held senior positions at Metropolitan Commercial Bank and Israel Discount Bank of New York.
Guarino holds a Bachelor of Arts from Rutgers University and a Juris Doctor from Seton Hall Law School. He is a member of both New Jersey and New York Bars and is certified as a Compliance Manager (ICB) and Regulatory Compliance Manager (CRCM).
Peapack-Gladstone Financial (NASDAQ: PGC) announced that Moody's Investors Service has confirmed investment grade ratings for both the Company and its banking subsidiary, Peapack-Gladstone Bank. Moody's confirmed the Baa3 long-term local currency issuer rating for the Company and the baa2 baseline credit assessment for the Bank. The outlook on long-term ratings has been changed to 'stable' from 'under review'.
Moody's cited the Company's solid capital position and recent improvements in funding and liquidity profile as mitigants against the Bank's risk profile. The deposit base demonstrated resilience during the 2023 regional banking crisis. Peapack-Gladstone Financial also holds an investment grade credit rating from Kroll Bond Rating Agency, affirmed in May 2024.
Peapack-Gladstone Financial (NASDAQ: PGC) has announced that Vanessa Tortorice has joined Peapack Private's New York City location as Senior Managing Director. With 12 years of experience in financial services, Tortorice will contribute to the growth of commercial and industrial business in the New York market. She previously served as Vice President and Senior Business Banker at M&T Bank and as Vice President, Business Banking at Capital One, where she consistently exceeded performance targets.
Peapack-Gladstone Financial , founded in 1921, is a New Jersey bank holding company with total assets of $6.51 billion and assets under management and/or administration of $11.5 billion as of June 30, 2024. The company offers client-centric banking services, including wealth management, investment banking, and commercial and retail solutions through its Peapack-Gladstone Bank and Peapack Private divisions.
Peapack-Gladstone Financial (NASDAQ: PGC) has announced the promotion of MJ Sully, Esq. to Senior Managing Director and Chief Fiduciary Officer at Peapack Private, a division of Peapack-Gladstone Bank. Sully has also been named President of PGB Trust & Investments of Delaware, a bank subsidiary. In her role, she manages trust and estate professionals in New Jersey and Delaware, overseeing various financial services.
Sully, who joined the organization in 2007, has an extensive legal background, including private practice and government roles. She has lectured on various legal topics and appeared as a legal expert on television. Sully holds degrees from The University of Notre Dame, including a BA, MSA, and JD. She is admitted to practice law in New Jersey and Pennsylvania and serves on several boards and committees.
Peapack-Gladstone Financial (NASDAQ: PGC) reported Q2 2024 results, highlighting a net income of $7.5 million and diluted EPS of $0.42, down from $13.1 million and $0.73 in Q2 2023. Total revenue was $56.6 million, a slight decrease from $57.5 million in Q2 2023. The company saw strong growth in core relationship deposits, up $354 million to $4.6 billion, which enabled the repayment of all $119.5 million of short-term borrowings. Net interest margin improved to 2.25% from 2.20% in Q1 2024. Despite a 3% decline in total loans and higher operating expenses due to NYC expansion, the company repurchased 100,000 shares in Q2 2024. Wealth management fee income rose to $16.4 million, contributing to $171 million in new business inflows. Nonperforming assets increased to $82.1 million. The effective tax rate reduced to 21.2%. CEO Douglas L. Kennedy emphasized the strategic expansion in NYC and positive momentum in customer deposit growth and liquidity profile.
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