Peapack Private Wealth Management Acquires Princeton Portfolio Strategies Group

Rhea-AI Summary

Peapack-Gladstone Financial Corporation (PGC) has successfully acquired Princeton Portfolio Strategies Group (PPSG) as of July 1, 2021. This acquisition marks the eighth for the company in six years, contributing an additional $520 million in assets under management. Peapack Private, the bank’s wealth management division, enhances its offerings with this strategic move, aiming to meet the growing demand for tailored wealth management solutions. With a market value of approximately $9.4 billion in assets under administration, the acquisition aligns with Peapack's commitment to expand its reach in Mercer County.

Positive

• Acquisition adds $520 million in assets under management.
• Strengthens Peapack Private's wealth management offerings.
• Aligns with Peapack's strategy for growth in Mercer County.

Negative

• None.

Bedminster, NJ, July 01, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), parent company of Peapack-Gladstone Bank, finalized the acquisition of Princeton, NJ-based Princeton Portfolio Strategies Group (PPSG) effective July 1, 2021.  

The acquisition, the eighth for the Bank over the last six years, represents an additional $520 million in assets under management (AUM), and aligns PPSG with Peapack Private, the Bank’s wealth management division, one of the largest trust companies and wealth managers in NJ, with a market value of approximately $9.4 billion of assets under administration (AUA) at March 31, 2021.  

The purchase elevates Peapack Private’s overall delivery of wealth management and customized portfolio management solutions and expands the broad range of experience its team of wealth advisors, trust officers and portfolio managers provide to clients looking to create, manage, increase and protect their wealth.  

“The opportunity to develop a more robust wealth position in Princeton was very appealing to us,” said John P. Babcock, President of Peapack Private.  “The PPSG team is solid, highly-skilled and experienced, and a complete complement to our services and solutions.”

It is anticipated that the PPSG team will move to Peapack Private’s current Princeton location at Carnegie Center in Q3 or Q4 of this year, joining an established team of wealth management and commercial lending professionals charged with expanding the Bank’s reach in Mercer County.

Park Sutton Advisors LLC served as exclusive financial advisor to Peapack-Gladstone Bank on this transaction.

About the Company

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.0 billion and assets under management and/or administration of $9.4 billion as of March 31, 2021.  Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, investment banking, 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:  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.

Attachment

• JPB

FAQ

What is the date of Peapack-Gladstone Financial's acquisition of PPSG?

Peapack-Gladstone Financial Corporation finalized the acquisition of Princeton Portfolio Strategies Group on July 1, 2021.

How much in assets was added from the PPSG acquisition?

The acquisition of Princeton Portfolio Strategies Group added approximately $520 million in assets under management.

What strategic benefits does the acquisition of PPSG offer to Peapack-Gladstone?

The acquisition enhances Peapack Private's wealth management solutions and expands its service capabilities in Mercer County.

What is the market value of Peapack-Gladstone's assets under administration as of March 31, 2021?

Peapack-Gladstone had a market value of approximately $9.4 billion in assets under administration as of March 31, 2021.