Peapack-Gladstone Bank Announces Enhancements to its Subsidiary, Peapack Capital

Rhea-AI Summary

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.

Positive

• Appointment of Dennis Smith as President of Peapack Capital, enhancing operational leadership.
• Richard Johnston's promotion to National Director of Sales to boost sales and market growth.
• Peapack Capital recognized as a 'Top 50 Bank', reflecting strong market position and reputation.

Negative

• None.

Bedminster, NJ, Sept. 19, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce enhancements to its equipment finance and leasing subsidiary, Peapack Capital.  Dennis Smith has been named President of the division, while Richard Johnston has been named National Director of Sales.  Together, Dennis and Rich now lead a team of 16, operating out of Bedminster, NJ and Northborough, Massachusetts.

A 30-year plus veteran in the business, Denny Smith of Hudson, New Hampshire, joined Peapack Capital in 2017, as Senior Vice President and Chief Operating Officer of Peapack Capital.  As President, Denny will focus on elevating divisional operations and capabilities.  Prior to joining Peapack Capital, Denny managed front and mid-office operational functions including pricing, structuring, buy/sell syndication, proposal creation, profitability analysis, incentive compensation, closing functions, change management, and Infolease system upgrade projects for Sovereign Bank/Santander Bank, N.A., as Senior Vice President and Managing Director.  He also served as Director of the group during an in-footprint product launch in 2012.  Denny originally joined Sovereign Bank in August 2004 to launch tax and non-tax equipment lease products for all asset classes. He spent 15 years at Fleet Capital Corporation where he was Vice President, National Finance Manager, responsible for developing and communicating pricing philosophy and methodology to the bank relationship managers, the leasing sales force and senior management, and for providing pricing and structuring support for all leasing products. He was also involved in providing lease product education to relationship managers and their clients.  Prior to Fleet, Denny was at a non-bank equipment lessor, Signal Capital Corporation. A graduate of the University of New Hampshire with a Bachelor of Science in Business Administration, Denny will continue to help grow and lead the equipment finance and lease vertical for Peapack Capital.

Rich Johnston has over 30 years of leasing and structured finance expertise in the origination of middle market and large-ticket asset finance transactions in the primary and secondary syndication markets and on a direct basis.  He joined Peapack Capital in 2017 as Senior Vice President, Capital Markets, responsible for indirect originations of leasing and asset finance transactions from bank lessors, independent lessors, finance companies and intermediaries in addition to all out-bound syndications.  As Peapack Capital’s National Director of Sales, Rich will lead an accomplished sales team in both direct and indirect sales, helping to expand and grow the subsidiary for Peapack-Gladstone Bank.  Prior to joining Peapack Capital, he also served in Capital Market roles at Sumitomo Mitsui Finance & Leasing, Citizens Asset Finance, AIG Commercial Asset Finance and Siemens Financial Services, Inc.  A resident of Mountainside, New Jersey, Rich earned his Bachelor of Science in Finance from Fairfield University in Fairfield, Connecticut and Master of Business Administration in Finance from Fordham University, New York, New York.

Named a Monitor ‘Top 50 Bank’ and ‘Top 100 Company’ for the last several years, most recently in 2022, Peapack Capital provides equipment and asset financing from $3 million to $30 million, to middle market and large corporate clients across the U.S.  The subsidiary specializes in large-scale transactions which help businesses grow and succeed.  With more than 30 years of experience across the division, the Peapack Capital team is a dedicated finance group, experts in various financing structures, able to support a broad spectrum of industries and assets.

About the Company
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.2 billion and assets under management and/or administration of $9.5 billion as of June 30, 2022.  Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, investment banking, commercial and retail solutions, to businesses and consumers.  Peapack Private, the Bank’s wealth management division, offers comprehensive financial, tax, fiduciary and investment advice and solutions, to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy.  Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service.  Visit www.pgbank.comand www.peapackprivate.com for more information.

Contact:  Denise M. Pace-Sanders, SVP Managing Principal, Brand and Marketing Director, dpace@pgbank.com, 908.470.3322, Peapack-Gladstone Bank, 500 Hills Drive, Suite 300, Bedminster, NJ 07921.

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• Peapack

FAQ

What changes were announced for Peapack Capital on September 19, 2022?

Peapack Capital announced the appointment of Dennis Smith as President and Richard Johnston as National Director of Sales.

What is Peapack Capital's market focus after the leadership changes?

Peapack Capital focuses on providing equipment and asset financing solutions of $3 million to $30 million to middle market and large corporate clients across the U.S.

Who are the new leaders at Peapack Capital?

Dennis Smith is the new President, and Richard Johnston is the National Director of Sales.

What recognition has Peapack Capital received recently?

Peapack Capital has been named a 'Top 50 Bank' and 'Top 100 Company' in recent years.