Peapack-Gladstone Bank to Rebrand as Peapack Private Bank & Trust

Rhea-AI Summary

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.

Positive

• Total assets of $6.8 billion and $12.1 billion in assets under management/administration
• Strategic rebranding to expand market presence in the New York metropolitan region
• Consolidation of banking and wealth management divisions for operational efficiency

Negative

• None.

Insights

Market Research Analyst

The rebranding initiative from Peapack-Gladstone Bank to Peapack Private Bank & Trust represents a strategic positioning move rather than a material financial event. While the $6.8 billion bank aims to expand its presence in the New York metropolitan market, this is primarily a marketing evolution that unifies their banking and wealth management divisions under one brand.

The bank's $12.1 billion in assets under management indicates a significant wealth management operation and the rebranding aligns with their focus on high-net-worth clientele. However, the immediate financial impact is likely to be minimal, with potential long-term benefits in brand recognition and market penetration. The timing of the change, scheduled for January 2025, allows for a measured transition without operational disruption.

BEDMINSTER, N.J., Nov. 01, 2024 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), the holding company for Peapack-Gladstone Bank, a $6.8 billion commercial bank headquartered in Bedminster, NJ, announces an expected rebrand on or about January 1, 2025.  The Bank and its wealth management division, having previously operated as separate brands, will unite under one name and one brand - Peapack Private Bank & Trust - or Peapack Private, in shortform.

“There is established brand equity and a uniqueness in the name Peapack-Gladstone Bank; however, we see an opportunity to build on that equity and establish ourselves more broadly in the New York metropolitan market.  As a leading financial institution, anchored by robust wealth management, commercial and personal banking solutions, we are uniquely positioned to provide bespoke experience level service,” said Denise Pace-Sanders, Managing Principal, Brand and Marketing Director.

The refreshed branding represents a more holistic institution, where relationship managers can offer clients a comprehensive suite of solutions through a single point of contact.  The name Peapack Private Bank & Trust incorporates tradition, history, and a solid foundation, while allowing for expansion more broadly throughout the New York region.

The decision to rebrand was not made lightly but is a culmination of a multi-year research-driven process that included brand discovery and exploration programs; awareness, perception and concept studies; as well as direct client feedback through targeted third-party surveys in the Bank’s footprint.

“We have been in business for more than a century and have built a compelling reputation of delivering exceptional client service and providing value-added banking solutions with the utmost integrity and trust. It is our intention, as Peapack Private Bank & Trust, to continue expanding this capability, ensuring our clients are successful,” said Doug Kennedy, President & Chief Executive Officer.

Through its single point of contact business model, the Company will continue providing an exceptional client experience that enables our clients to achieve their financial objectives.

For additional information, visit pgbank.com/rebrand.

About the Company

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.8 billion and assets under management and/or administration of $12.1 billion as of September 30, 2024.  Founded in 1921, the Company is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and personal banking solutions to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy.  Peapack Private offers an unparalleled commitment to client service.  Visit www.pgbank.com or www.peapackprivate.com  for more information.

Contact:  Denise M. Pace-Sanders, Peapack-Gladstone Bank, SVP Managing Principal, Brand and Marketing Director, 500 Hills Drive, Suite 300, Bedminster, NJ  07921, dpace@pgbank.com, (908) 470-3322.

Attachment

• Peapack Private

FAQ

When will Peapack-Gladstone Bank (PGC) change its name to Peapack Private Bank & Trust?

The rebranding is expected to take effect on or about January 1, 2025.

What is Peapack-Gladstone Financial 's (PGC) total asset value as of September 2024?

The company has total assets of $6.8 billion and assets under management/administration of $12.1 billion as of September 30, 2024.

Why is Peapack-Gladstone Bank (PGC) rebranding to Peapack Private?

The rebranding aims to unite the banking and wealth management divisions under one brand, expand presence in the New York metropolitan market, and provide comprehensive financial solutions through a single point of contact.