Important Coronavirus Updates:
Click HERE for information from Peapack-Gladstone Bank.
Peapack-Gladstone Bank is aware of the New Jersey Governor’s Statewide order for non-essential businesses to close effective March 21, 2020. Financial institutions are considered one of the 16 federal critical infrastructure sectors.
All Peapack-Gladstone Bank branch locations remain open with fully operational drive-up services.
Adjusted Hours of Operation - Effective March 25, 2020
9:00 a.m. to 4:00 p.m. Monday - Friday
9:00 a.m. to 12:00 noon Saturday
Out of an abundance of caution, and to assist with social distancing efforts, all Peapack-Gladstone Bank lobbies are closed. Clients who need to conduct a transaction that requires access to our lobby, like accessing a safe deposit box or opening a new account, can request an appointment by contacting the Client Contact Center.
March 27, 2020
Due to the lack of an immediate medical solution to Covid-19, governments around the world have resorted to social distancing and lockdown measures in order to mitigate the spread of the virus. Moreover, approximately 50% of the U.S. population is now subjected to some form of governmental restraint, which is substantially impacting the economy. The first glimpse of the economic damage arrived when initial jobless claims for the week ending March 21st skyrocketed to 3.28 million and easily surpassed the previous record of 695,000 back in 1982. Both the Fed and the government officials are cognizant that economic data is going to deteriorate further and they have been extremely active this week. In terms of monetary stimulus, the Fed expanded its quantitative easing program by removing the cap and making it open ended while adding agency CMBS to its pool of eligible assets. The Fed also established two facilities to purchase investment grade corporate debt on both the primary and secondary markets, resurrected the Term Asset-Backed Securities Loan Facility and created the money market mutual fund and commercial paper funding facilities. On fiscal front, both sides of Congress passed a $2 trillion stimulus bill that will be broad reaching and help individuals, businesses, states and local governments as well as other entities cope with the economic hardships to come. With that being said, the level of fiscal and monetary stimulus is monumental in terms of its breadth and size. But there is little doubt that the true recovery will come when the rate of new Covid-19 cases begins to meaningfully fall which means we must rely heavily on the medical community in the weeks and months to come. The Milken Institute currently estimates that there are 58 institutions working on Covid-19 treatment therapies and 43 are embarking on the development of a vaccine. Thus, the amount of resources and talent devoted to addressing Covid-19 is sizable and even though successful results are not right around the corner, the medical field should be able to provide some much-needed relief in the near future. In the meantime, the dramatic and timely monetary and fiscal measures taken thus far can help ease the pain of the pandemic.
Click below to listen to this week's Peapack Private Wealth Management Market Report as heard on WCBS NewsRadio 880.