Peapack-Gladstone Financial Corporation Filed a Form S-3 Registration Statement

Rhea-AI Summary

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.

Positive

• Establishment of a $100 million Shelf Registration provides flexibility for future capital needs.
• Strong financial position with total assets of $5.8 billion and AUM/AUA of $6.4 billion as of March 31, 2020.

Negative

• None.

BEDMINSTER, NJ, May 15, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announced that the Company filed a Form S-3 Registration Statement (“Shelf Registration”) registering an indeterminate amount of shares/securities not to exceed $100 million, to be issued in the future from time to time at indeterminate prices.  The Company had maintained an active shelf registration which recently expired. Doug Kennedy, President and CEO, noted, “In the near term, we do not plan on accessing the capital markets. However, maintaining an effective Shelf Registration provides us with the flexibility to raise capital in the future if the need arises.”  Mr. Kennedy went on to say, “We will be very careful in any decision to issue capital, making our decision only after appropriate and comprehensive analysis and vetting.”

ABOUT THE COMPANY

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $5.8 billion and AUM/AUA administration of $6.4 billion as of March 31, 2020.  Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, commercial and retail solutions, including residential lending and online platforms, 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.com and www.peapackprivate.com for more information.

Contact: 

Jeffrey J. Carfora, Chief Financial Officer

Peapack-Gladstone Financial Corporation

T:   908-719-4308

FAQ

What is Peapack-Gladstone Financial Corporation's recent capital raising strategy?

Peapack-Gladstone Financial Corporation has filed a Form S-3 to register up to $100 million in shares for future issuance, allowing flexibility in capital raising.

What are the total assets of Peapack-Gladstone Financial Corporation?

As of March 31, 2020, Peapack-Gladstone Financial Corporation reported total assets of $5.8 billion.

What is the AUM/AUA of Peapack-Gladstone Financial Corporation?

Peapack-Gladstone Financial Corporation has an AUM/AUA of $6.4 billion as of March 31, 2020.

When did Peapack-Gladstone Financial Corporation last renew its shelf registration?

Peapack-Gladstone Financial Corporation recently filed a new Shelf Registration Statement after the previous one expired.