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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 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.
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.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced its Q1 2020 financial results, reporting revenue of $46.26 million and a net income of $1.37 million, down from $11.43 million in Q1 2019. The decline was primarily driven by a $20 million provision for loan losses due to the COVID-19 pandemic. While net interest income increased by 6% year-over-year, the diluted EPS fell to $0.07 from $0.58. The company successfully assisted over 2,000 businesses with nearly $600 million in Paycheck Protection Program loans, preserving approximately 50,000 jobs.
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