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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 (PGC) reported significant Q4 2022 financial results, with total revenue of $64.85 million, up 15% year-over-year, and net income of $20.58 million, increasing 38% from Q4 2021. Diluted EPS rose to $1.12, a 44% increase. The company benefited from a $10.8 million rise in net interest income due to improved net interest margin, although noninterest income declined due to market volatility. Total loans reached $5.30 billion, with a 9.4% increase from the prior year. The company also declared a cash dividend of $0.05 per share payable on February 23, 2023.
Peapack-Gladstone Bank (PGC) hosted its 2nd Annual Boonton Christmas Tree Sale from November 25 to December 9, raising $30,607 for youth mental health programs at Lakeland Family YMCA. The event, run by bank volunteers, featured over 300 live trees, fostering community engagement and holiday spirit. This initiative continues a tradition previously held by the Kiwanis Club, aiming to create lasting family memories. The bank remains dedicated to community support through year-round volunteer efforts and financial contributions.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced the appointment of Patrick Scatuorchio as Senior Vice President of Business Development at Peapack Capital. Scatuorchio, who brings over 40 years of experience in the equipment finance sector, will operate from the Red Bank, NJ location. His previous roles include positions at Wells Fargo and Tygris Equipment Finance, enhancing the team with his extensive expertise. As of September 30, 2022, the company reported total assets of $6.1 billion and assets under management of $9.3 billion.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announces the appointment of Frank A. Cavallaro as Senior Executive Vice President, effective October 31, 2022, and as Chief Financial Officer starting November 10, 2022. Cavallaro joins from Republic Bank, bringing over 30 years of experience in senior financial roles. He succeeds Jeffrey J. Carfora, who will retire on April 7, 2023, but will assist during the transition. Peapack-Gladstone Financial has total assets of $6.1 billion and manages $9.3 billion as of September 30, 2022.
Peapack-Gladstone Financial Corporation (PGC) reported Q3 2022 results with total revenue of $61.91 million, net income of $20.13 million, and diluted EPS of $1.09. Compared to Q3 2021, revenue increased by 17% and EPS by 48%. The growth was driven by improved net interest income, up 29%, while noninterest income declined due to market volatility. The company's lending portfolio rose by 7%, and it plans to expand into Life Insurance Premium Finance. The effective tax rate for the quarter was 27.47%.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has entered the life insurance premium finance sector by establishing a new team led by Raymond Kim as Senior Managing Director. This move aims to provide tailored financing solutions for high-net-worth clients, allowing them to secure life insurance while preserving capital for investments. The bank's strategic growth plan is further reinforced by the addition of Anthony LoScalzo as Chief Operating Officer, leveraging his extensive experience in the industry. The company currently holds $6.2 billion in assets and manages $9.5 billion as of June 30, 2022.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced key leadership changes in its equipment finance subsidiary, Peapack Capital. Dennis Smith has been appointed President, focusing on enhancing operational capabilities, while Richard Johnston becomes National Director of Sales, aiming to expand the subsidiary's market reach. Peapack Capital, recognized as a 'Top 50 Bank,' offers financing solutions of $3 million to $30 million to corporate clients across the U.S., leveraging a team with over 30 years of experience.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) reported strong Q2 2022 results with a revenue of $61.40 million and net income of $20.10 million, showing significant growth from $51.52 million and $14.42 million in Q2 2021, respectively. The diluted EPS rose to $1.08 from $0.74 year-over-year. Key drivers included improved net interest income and an increase in wealth management fees. However, the company anticipates modest growth in loans due to economic uncertainties. Capital ratios remain strong with a Tier 1 leverage ratio of 10.4%.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced the appointment of Roger Grossman as Senior Managing Director, Commercial Private Banker at Peapack-Gladstone Bank on June 28, 2022. Grossman, who has 32 years of banking experience, will focus on expanding the bank's commercial client portfolio in the Tri-State area, especially among middle market companies. Previously, he held significant roles at KeyBank and HSBC, showcasing a strong track record in client relationship management.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced enhancements in its personal banking division on June 28, 2022, aimed at improving client experiences. Donna M. Aldredge has been appointed Vice President, Head of Retail Client Service and Training, while Ana L. Risoli becomes Vice President, Branch Distribution Manager. Tenzin C. Sison, now Vice President, leads a new retail-oriented Platinum Service Team targeting larger personal banking clientele. Peapack-Gladstone Bank, with total assets of $6.3 billion, focuses on comprehensive financial services and wealth management solutions.
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