Company News

Peapack Private Announces New York City Expansion

Posted April 8, 2024

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack Private, a division of Peapack-Gladstone Bank, boldly continue to move into New York City with the hiring of Andrew F. Corrado and more than 10 teams of commercial and private bankers. Andrew, fresh off his long tenure from Signature Bank and its successor Flagstar Bank, is now the President of the Commercial Bank in New York for Peapack Private. He will lead the Bank’s NY expansion and oversee its presence in Manhattan, leveraging the combined experience of more than 50 bankers to ensure the successful growth of the Company.

“We are continuing to move aggressively into New York City due to the market disruption that occurred last spring,” said Doug Kennedy, President and Chief Executive Officer of Peapack-Gladstone Bank. “Our expansion last summer has been well-received. The additional investment we are making today by hiring Andrew and multiple teams of commercial and private bankers capitalizes on the momentum we’ve achieved to date.”

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Peapack Private Hires Joanne Gagliardi, Senior Managing Director

Posted April 3, 2024

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack Private, a division of Peapack-Gladstone Bank, are proud to announce that Joanne Gagliardi has joined its commercial banking team as a Senior Managing Director. With the Bank’s expanded footprint in New York City, Joanne joins a team of high-skilled commercial bankers, helping to grow Peapack Private and its commercial and industrial business into the New York market. She is responsible for providing customized banking solutions to small and medium-sized enterprises to achieve their long-term financial goals.

Dawn Kasulke Joins Peapack Private as Senior Managing Director, Team Leader

Posted April 2, 2024

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack Private, a division of Peapack-Gladstone Bank, are proud to announce that Dawn Kasulke has been appointed to lead a team of experienced commercial bankers as a Senior Managing Director, Team Leader, for Peapack Private’s New York City location. She will oversee building out the Bank’s presence in Manhattan. Dawn has extensive experience leading high-performing commercial bankers whose primary focus is providing customized client solutions that meet individual and complex needs.

With a proven track record as a financial services professional, Dawn brings 24 years of experience to Peapack Private, previously serving as Banking Group Head at Customers Bank in New York City where she delivered exceptional revenue growth, increased market share, and maximized profits.

Peapack Private Investment Banking Advises Super Stud Building Products, Inc. and Affiliates on the Sale to EB Metals, Inc.

Posted March 18, 2024

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), the holding company for Peapack-Gladstone Bank and its Investment Banking division, Peapack Private Investment Banking, is pleased to announce its participation in the transition of Super Stud Building Products Inc. and affiliates, owned and operated by Ray Frobosilo, Sr., to EB Metals Inc. and affiliates. The financial terms of the sale were not disclosed.

Ray Frobosilo, Sr. and his family are recognized as industry pioneers in manufacturing and diverse offerings of cold-formed steel framing components, hollow metal doors and frames, and accessories for the use in the construction of commercial, institutional, and residential structures. EB Metals Inc., another highly successful business, was the perfect fit to create an enterprise that will have an expanded product offering and enhanced service capabilities, operating from manufacturing sites along the East Coast in Alabama, New Hampshire, New Jersey, and Mississippi. Super Stud and EB Metal’s commitment to quality products, prompt service, and technical engineering resources ensures unmatched building product solutions that meet the needs of some of the most complex projects in the building industry.

Peapack Private Moves to Park Avenue

Posted January 29, 2024

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), the holding company for Peapack Private, a division of Peapack-Gladstone Bank, has executed on plans to move into New York City by finalizing its lease on both office and retail space at 300 Park Avenue. The move to Midtown has been in the works since the Company originally announced NY expansion plans in July of 2023, and began recruiting top level talent from the Tri-State area.

"We are seizing the opportunity to grow our private banking business into NY after the volatility of 2023," said Doug Kennedy, President and Chief Executive Officer. "There's no better place to do that than on Park Avenue, and we are excited to begin this chapter of our journey."

The flagship location features 10,000 square feet of office space on the 13th floor and 6,000 square feet of luxury retail space on the first floor.

Peapack-Gladstone Financial Corporation Reports Fourth Quarter Results

Posted January 25, 2024

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) announces its fourth quarter 2023 financial results.

This earnings release should be read in conjunction with the Company’s Q4 2023 Investor Update, a copy of which is available on our website at www.pgbank.comand via a current report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

The Company recorded total revenue of $54.3 million, net income of $8.6 million and diluted earnings per share (“EPS”) of $0.48 for the quarter ended December 31, 2023, compared to revenue of $64.9 million, net income of $20.6 million and diluted EPS of $1.12 for the quarter ended December 31, 2022.

The net interest margin stabilized at 2.29% for the quarter ended December 31, 2023, compared to 2.28% for the quarter ended September 30, 2023 and 3.12% for the quarter ended December 31, 2022.

The Company’s return on average assets was 0.53%, return on average equity was 6.13%, and return on average tangible equity was 6.68% for the quarter ended December 31, 2023. Year over year deposits increased by $69.0 million to $5.3 billion and loans grew $135.2 million to $5.4 billion as of December 31, 2023.

The Company’s liquidity position remains stable as balance sheet liquidity (consisting of cash and cash equivalents and securities available for sale) increased to $782.4 million as of December 31, 2023, which was 12.08% of total assets. The Company also had $2.7 billion of external borrowing capacity available, which, when combined with balance sheet liquidity provides us with 297% coverage of our uninsured deposits. Approximately 78% of our deposits are presently covered by FDIC insurance or are fully collateralized.

Peapack-Gladstone Bank Announces New Hires

Posted January 16, 2024

Peapack-Gladstone Financial and Peapack-Gladstone Bank appointed Philip Prudenti, CAMS as Vice President, Head of KYC and Client Onboarding at Peapack-Gladstone Bank. He joins the Company’s experienced team of risk and compliance professionals, assessing and implementing best practice procedures.

With over 25 years of expertise in financial services, risk management and compliance, Prudenti’s knowledge is invaluable to the institution. He most recently served as Director, Head of Special Approval – BSA/AML Operations at First Republic Bank in New York City where he oversaw the BSA/AML Due Diligence Operations group for client onboarding in New York, San Francisco and Boston.

Artur Wisniewski joins Peapack-Gladstone Bank as Vice President and Support Manager of the Company’s New York location. He is responsible for managing the day-to-day residential mortgage area, assisting relationship managers with investor guidelines, products, structuring loans, and identifying and resolving loan issues.

Wisniewski has 22 years of experience in the financial services industry, previously serving as Vice President, Senior Residential Loan Officer at City National Bank where he was responsible for the coordination and processing of the internal mortgage process from initiation through closing.