Peapack-Gladstone Financial Corporation to Acquire Murphy Capital Management, Inc.
Posted May 26, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), parent company of Peapack-Gladstone Bank (the “Bank”), announced today that it entered into an agreement to acquire Gladstone, NJ-based Murphy Capital Management, Inc. (“MCM”). After up front transaction costs, the purchase will be immediately accretive to earnings.
Doug Kennedy, President and Chief Executive Officer of Peapack-Gladstone Bank commented, “We have found what we feel is the perfect match with MCM and are thrilled this leader in the wealth management space, that shares our geography, will partner with us by joining our private wealth management team.”
Founded in 1983 by John J. Murphy, with the vision of providing a highly personalized and focused approach to money management for individuals, MCM adheres to a highly sophisticated and objective method to creating wealth and providing the proper asset allocation and risk evaluation for clients who seek a personal and long-term financial relationship. MCM has approximately $850 million in assets under management.
“MCM’s advice-led business model is consistent with the vision of Peapack-Gladstone Bank and the commitment we have to providing objective, relationship-driven solutions that help individuals create a legacy by building, protecting and transitioning their wealth to future generations,” said John P. Babcock, President of Private Wealth Management at Peapack-Gladstone Bank. He continued, “John and his experienced partners will greatly add to our current investment team and we look forward to harnessing our combined expertise for the benefit of our clients."
MCM offers a full suite of objective wealth management solutions, custom-tailored for high net worth individuals, businesses, corporations and not-for-profit organizations. The firm offers an expertise in setting asset allocation parameters, risk optimization, growth variables, income generation, and hedging strategies; managing joint, taxable, IRA and 401(k) rollovers, charitable remainder trusts and family trusts.
John J. Murphy, MCM Founder and Managing Partner stated, “We consider it a privilege to help our clients achieve their goals. We have, and always will, place our client’s welfare above all else, with integrity and objectivity at the foundation of each relationship. I believe Peapack-Gladstone Bank has that same mentality. Uniting our firms will enhance two already best-in-class, solutions-based organizations.”
With a current market value of approximately $3.8 billion under management and administration at March 31, 2017, the private wealth management division of Peapack-Gladstone Bank is one of the largest New Jersey-based trust company and asset managers, with offices in Bedminster, Morristown, Princeton and Teaneck, as well as a trust office in Greenville, Delaware. The MCM transaction solidifies the Bank’s reputation as a leader in the private wealth management space and enhances its position as a premier boutique bank dedicated to providing customized, client-focused wealth management solutions for individuals, families and not-for-profit organizations.
Park Sutton Advisors LLC served as financial advisor and McElroy, Deutsch, Mulvaney & Carpenter LLP served as legal counsel to Peapack-Gladstone Bank on this transaction.
PEAPACK-GLADSTONE FINANCIAL CORPORATION ANNOUNCES APPOINTMENT
OF A NEW DIRECTOR
Posted May 25, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announces the appointment of Tony Spinelli to the Board of Directors of the Company and of Peapack-Gladstone Bank, effective May 25, 2017. Mr. Spinelli recently left Capital One Financial, McLean, Virginia, where he served as Senior Vice President, Chief Information Security Officer, responsible for developing and leading the cybersecurity program for the organization. Currently, Mr. Spinelli serves as Chief Operating Officer and President, Cyberdivision for Fractal Industries, Inc., a venture-backed artificial intelligence and machine learning decision-platform focused on advancing digital analytics in both cybersecurity and risk management.
As Capital One’s Chief Information Security Officer, Tony was responsible for developing and executing security programs to ensure client and proprietary corporate data was protected from cybersecurity threats. He played an important role in the transformation of Capital One’s digital and technology agenda with the secure adoption of public cloud computing and engineering cybersecurity innovations that leverage emerging technologies, open source, analytics and machine learning.
Prior to joining Capital One, Mr. Spinelli was the Chief Information Security Officer of Tyco International, Equifax and First Data Corporation, where he led global teams responsible for security engineering, security operations, security compliance and policy, and cybersecurity threat management.
“Mr. Spinelli is a welcomed addition to our Board of Directors,” commented F. Duffield Meyercord, Chairman of the Board, “his experience and contributions to the advancements in cybersecurity practices and research are unmatched. It is our expectation that he will help us to address the growing concerns of cybersecurity in our industry and the fundamental need to protect our clients and our business.”
A resident of Virginia and graduate of Saint Louis University with a MBA from Washington University, he maintains Certified Information Systems Security Professional (CISSP) accreditation and serves on the boards of Per Scholas, the US Department of Defense and Georgia Tech Institute for Information Security and Privacy. Tony has also served on the board of advisors for Cisco, Cylance, Kudelski Security, and IBM. He holds multiple patents in such areas as data loss prevention and methods of network risk reduction and internet browsing habits.
Chatham Historical Society Receives Support from Peapack-Gladstone Bank
Posted May 25, 2017
On May 9, 2017, Peapack-Gladstone Bank presented a $500 contribution to the Chatham Historical Society to support their efforts to promote awareness of the rich history of Chatham Borough. Presented by Laura Zmijeski, Assistant Vice President, Wealth Management Consultants, a Division of Peapack-Gladstone Bank, to Helen Ann Rosenfeld, President and Amy Crandall, Vice President of the Chatham Historical Society, this contribution will support the Society’s public appreciation of Chatham Borough’s character and history. Ms. Zmijeski, former Treasurer of the Chatham Historical Society, nominated the Society as a part of the Bank’s recent Employee Donation Contest whereby five charity entries submitted by employees were drawn to receive monetary gifts totaling $3,000.
Founded in 1924, The Chatham Historical Society brings information of historical interest to the community through its programs, publications and other media and recognizes that today’s residents, places and events will become our history. With Peapack-Gladstone Bank’s rich history and strong roots dating back 96 years through the Depression years and wars, 18 U.S. Presidents and rapid change in the American landscape, it also understands the importance of preserving institutional and family legacies for the next generation.
Erin Villagra, Assistant Vice President, Senior Corporate Trainer atPeapack-Gladstone Bank Honored as Training Magazine 2017 Emerging Leader
Posted May 16, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce that Erin Villagra, Assistant Vice President, Senior Corporate Trainer, Career Development Institute, has been recognized as a winner of Training Magazine’s 2017 Emerging Training Leaders Award.
Emerging Training Leader candidates were nominated by co-workers or industry peers for their stellar leadership skills and business expertise within their organizations. Chosen were the top 25 professionals who inspired and engaged their organizations through their individual talents, exceptional leadership skills, business savvy and training instincts.
With 14 years of experience at Peapack-Gladstone Bank, Ms. Villagra is responsible for the development and implementation of high caliber, bank-wide employee training programs. As the Company’s liaison with outside training providers, she is also responsible for the orchestration of a wide variety of in-house corporate training programs. A resident of Bedminster, New Jersey, Erin holds a Bachelor of Arts Degree in Education from Syracuse University.
Award recipients of the 2017 Training Magazine Emerging Training Leaders Award will be profiled in the May/June issue of Training magazine and honored at an awards ceremony at the Georgia World Congress Center during the February 2018 Training Conference & Expo in Atlanta, Georgia.
Peapack-Gladstone Bank Hosts Junior Achievement Program for Local High Schools
Posted May 10, 2017
On April 28, 2017, in conjunction with Junior Achievement® of New Jersey, Peapack-Gladstone Bank hosted 52 local high school students and faculty from Barack Obama Green Charter School, Hillcrest Academy South, and Somerville High School at their Headquarters in Bedminster, New Jersey, for a full-day Junior Achievement Career Success™ workshop. The Junior Achievement® platform teaches students 21st century skills through experiential learning.
Participating students connected with volunteer mentors from the Bank who shared their career advice and expertise in money-management through interactive modules which focused on budgeting, credit choices, career development and job interview skills. The Bank’s program also included a complimentary breakfast and lunch along with employee-led student tours of the Bedminster Headquarters including the Bank’s Heritage Hall museum and Board Room.
At day’s end, students departed inspired and empowered with the knowledge to achieve success in a global economy. Sharlene said, “This was a great experience, and I enjoyed the whole day. It helped to open my eyes to many job opportunities and provided insight on banking. Thank you for having us!” Ashanti also “Loved the Junior Achievement Program. This is my second year attending, and each time I’ve come, I’ve learned something new or picked up a new interest. Now I’m interested in working for a bank even more than before. I’d love to hopefully have a job at Peapack-Gladstone Bank one day.”
Peapack-Gladstone Bank is proud to partner with Junior Achievement in motivating and inspiring a new generation of entrepreneurs, setting realistic goals for their future careers. Together, they have helped to open doors for tomorrow’s business leaders.
Peapack-Gladstone Bank Hires Team for Newest Subsidiary Peapack Capital Corporation
Posted May 3, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to introduce a new team of private bankers and the opening of Peapack Capital Corporation, the newest subsidiary of the Bank, which will focus on equipment finance and leasing.
“Equipment leasing is the logical next step for us,” said Doug Kennedy, President and Chief Executive Officer of Peapack-Gladstone Bank. “We have found a team that fits our aggressive style and is able to launch the program with a foundation built on years of experience."
Robert R. Cobleigh, a resident of Whippany, New Jersey, leads the team as an executive vice president of the Bank, and as the President of Peapack Capital. Cobleigh is responsible for launching the equipment leasing program and introducing the Bank’s brand to this vertical. Robert has over 30 years of leasing and structured finance expertise in a broad range of industries and assets including manufacturing, trucking, business aviation, rail, marine and energy. A founding member, he most recently served as Regional Vice President and Credit Officer for Santander Corporate Equipment Finance, Inc. where he was instrumental in supporting the growth of a $1 billion portfolio for the Santander Bank, N.A. subsidiary. Prior to this, Robert was the Vice President of Credit for structured and specialty finance (leasing, mutual fund and trade finance) for MUFG-Union Bank/The Bank of Tokyo-Mitsubishi in New York. He has also held senior positions at RBS/Citizens Asset Finance, Inc., Chicago, Illinois, where he served as Vice President of Credit – Business Aviation, Buy Desk and Structured Finance; Siemens Financial Services, Inc., Iselin, NJ, where he was the Director of Credit of Capital Markets; Volvo Finance North America, Inc., Montvale, NJ, where he was the Senior Financial Analyst – Pricing; and International Proteins Corporation, West Caldwell, NJ, where he served as the Director of Treasury and Finance. Robert earned his Bachelor of Business Administration degree – Finance and MBA – Investment Management from Pace University, New York.
Joining Robert is Denny Smith of North Kingstown, Rhode Island. Smith will serve as Senior Vice President and Chief Operating Officer of Peapack Capital. With 25 years of bank leasing experience, Denny most recently managed front and mid-office operational functions including pricing, structuring, buy/sell syndication, proposal creation, profitability analysis, incentive compensation, closing functions, change management, and Infolease system upgrade projects for Sovereign Bank/Santander Bank, N.A., as Senior Vice President and Managing Director. Previously, he served as Director of the group during in-footprint product launch in 2012 managing the B/S and l/S. He originally joined Sovereign Bank in August 2004 to launch tax and non-tax equipment lease products for all asset classes. He spent 15 years at Fleet Capital Corporation where he was Vice President, National Finance Manager, responsible for developing and communicating pricing philosophy and methodology to the Bank relationship managers, the leasing sales force and senior management, and for providing pricing and structuring support for all leasing products. He was also very involved in providing lease product education to relationship managers and their clients. Prior to Fleet, Denny was at a non-bank equipment lessor, Signal Capital Corporation. A graduate of the University of New Hampshire with a Bachelor of Science in Business Administration, Denny will help introduce Peapack Capital to the equipment finance market, responsible for operations, procedures and the efficiency of the division.
Frank Striplin and Christopher McManus also join Peapack Capital as Senior Vice Presidents and Sales Directors. Frank and Chris will partner with Smith and Cobleigh to initiate and develop the Bank’s equipment leasing program and deliver the Peapack-Gladstone Bank brand of client service.
Frank, a resident of Evans, Georgia, joins Peapack Capital from the Corporate Equipment Finance group of Santander Bank, N.A. where he booked more than $190 million in new business in less than two years and consistently maintained a backlog greater than $75 million. Consistently a top performer in sales volume and profit, Striplin was the six-time winner of the Chrysler Capital President’s Award for Excellence. During six years at Citicorp, he was the leading producer in the southeast for five years and the leading profit and volume producer for the entire company one year. His performance earned him the Citicorp Chairman’s Award five times and the Teamwork Award four times. While at Credit Lyonnais he built a team that produced a portfolio of approximately $900 million, generating a return on equity of more than 20%. He has held various sales positions as well as senior business development and leadership roles with several major banks and commercial finance companies, and has built and led several high-performance sales teams. During his career, he has produced or assisted in generating over $1.9 billion in new business.
Christopher McManus, a resident of North Wales, Pennsylvania, and graduate of Temple University with a Bachelor of Business Administration degree is a highly accomplished equipment leasing and finance professional with over 25 years of direct lending experience. Chris has been a top performer at all levels of his career in equipment finance. He began his banking career at First Fidelity Bancorporation in 1991 in their equipment leasing group. In 1993 he was selected for the First Fidelity Professional Banker Program, a credit training program, where he spent one year developing his skills. After moving on to GE Capital as an underwriter, in 1995 Chris accepted a position on the direct equipment lending team. He spent much of his career as a top performer and a highly successful direct equipment lender at institutions like Mellon Bank US Leasing, US Bancorp, RBS/Citizens Asset Finance, Inc. and Santander Bank, N.A. He was a three-time recipient of the RBS/Citizens World Class Performers Award. He has proven successful at all levels of the marketplace, working with middle market size companies up to large corporate entities. His knowledge of the marketplace and asset classes gives Peapack Capital a tremendous advantage.
Rounding out the division, Mark L. Robinson and Dennis R. Magarro, join the Peapack Capital team as Senior Vice President, Senior Underwriter and Vice President and Senior Underwriter, respectively.
Mark, a resident of Randolph, NJ, and graduate of Lehigh University with an MBA and BA in Finance, has over 30 years of proficiency in financial services with extensive and diverse experience in underwriting, relationship and portfolio management, originations, credit analysis, leveraged loan structuring, risk rating systems, document negotiation and compliance. Throughout his career he has held positions at Santander Bank, N.A., JA Mitsui Leasing Capital Corporation, CIT Group, Merrill Lynch Business Financial Services and Wells Fargo.
Dennis Magarro is a results driven credit professional with 17 years of finance experience with diverse commercial lending organizations in credit analysis, underwriting, risk and portfolio management, finance and accounting. Educated at Sacred Heart University, graduating with a MBA in Finance, and Quinnipiac University, with a BS in Accounting, Magarro has held positions at Arthur Andersen LLP, General Electric Company – GE Capital, RBS/Citizens Asset Finance, Inc., MUFG – BTMU Capital Leasing and Finance and Santander Bank, N.A.
“It is important for us to enter this arena,” said Kennedy. “As a high-performing boutique bank we are aggressively building our platforms and incorporating wealth, lending and deposit solution along the way. In order to grow, we need to expand into new territories. Peapack Capital allows us to do this in a purposeful and measured way.”
Back to Top
Peapack-Gladstone Financial Corporation Reports a Strong First Quarter and Declares its Quarterly Cash Dividend
Posted April 26, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market:PGC) (the “Company”) recorded record net income of $7.98 million and diluted earnings per share of $0.46 for the quarter ended March 31, 2017, compared to $5.49 million and $0.34, respectively, for the quarter ended March 31, 2016, reflecting increases of $2.49 million, or 45 percent, and $0.12 per share, or 35 percent, respectively.
The 2017 quarter included a $662 thousand benefit to income tax expense related to the adoption of ASU 2016-09, Compensation – Stock Compensation, improvements to employee share-based payment accounting. This increased net income by $662 thousand and earnings per share by 4 cents. Additionally, the 2017 first quarter reflected increases to net interest income, wealth management fee income, and other non-interest income, when compared to the same period in 2016. Expenses for 2017 included increased compensation and benefits expense, almost fully offset by decreased FDIC insurance expense.
Peapack-Gladstone Bank Named Champion of Good Works
April 5, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce that the Bank has been honored as a Champion of Good Words by the Commerce and Industry Association of New Jersey (CIANJ). The “Champion of Good Works” award was presented to Peapack-Gladstone Bank on March 15 at the CIANJ Fourth Annual Chairman’s Reception at Nania’s In the Park in Belleville, New Jersey. Attended by more than 260 business executives, CIANJ paid tribute to the kindness and generosity of the business community. This year’s 39 champions included New Jersey leading manufacturers, retailers, hospitals, banks, colleges and universities, were selected by a blue-ribbon panel of judges.
“For most of the companies that we are honoring tonight, their generosity and kindness is part of their culture,” said Andrew Silverstein, a member of the accounting firm, Dorfman Abrams Music LLC, who welcomed all the guests as Chairman of the CIANJ Board of Directors. “The public is often unaware of the magnitude and scope of these good works. This reception is our way of shining the spotlight on “Companies that Care,” Silverstein added. Accepting the award for Peapack-Gladstone Bank in recognition of their efforts in “Feeding the Hungry” was Rosanne Schwab, Assistant Vice President, Public Relations Manager. During the past year, the Bank partnered with Americas Grow-a-Row in the fight against hunger in New Jersey. Employees planted 945 cauliflower plants, harvested 25,000 pounds of peaches and tomatoes, picked 3,600 pounds of apples which were transported throughout the State to food banks, food pantries and soup kitchens. Ms. Schwab stated, “By addressing the issues of proper nutrition and providing alternative food choices to New Jersey’s residents, Peapack-Gladstone Bank has made an impact in keeping our residents healthy and strong.”
Larry Levine of Peapack-Gladstone Bank is Appointed to Rutgers Customer Experience Advisory Board
March 29, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce that Lawrence (Larry) Levine, Director of Client Experience, has been appointed to the Rutgers Customer Experience Advisory Board at the Rutgers Center for Innovation Education. The Rutgers Advisory Board is comprised of a diverse, innovative and well-connected network of top-flight executives based upon their personal and professional accomplishments. Mr. Levine joined Peapack-Gladstone Bank in 2015 and has played a key role in finding ways to continually enhance the Bank’s delivery of an exceptional client experience. “Providing a superb client experience is the foundation of our success at Peapack-Gladstone Bank,” said Larry. “I am excited to share my knowledge and insight to help advance this fabulous program at Rutgers.”
Previously, Mr. Levine spent over 25 years at Citigroup, JPMorgan Chase, Deutsche Bank and NatWest Bank where he was responsible for building and directing client services, support services, and operations organizations. Throughout his tenures and in each assignment, Larry’s focus centered on developing or enhancing the service quality culture, building internal partnerships, chairing client experience task forces dedicated to delivering ongoing service improvements and developing a “best in class” employee experience. He is passionate about helping others and has volunteered his time as a mentor to executives both inside and outside the financial services industry. In 2016, Mr. Levine also delivered the keynote address at a major student event at William Paterson University where he discussed the steps that every business can take to enhance the client experience.
Through his newly appointed position on the Rutgers Customer Experience Advisory Board, Mr. Levine will provide input to the program faculty and leadership through classroom visits, forums and conferences, and will actively participate in student coaching opportunities. The Board supports the attendees of the Rutgers Customer Experience Certificate Program who are immersed in an intensive, collaborative and educational environment, learning to apply principles and techniques that drive customer experience innovation. Larry said, “It is important to understand that everyone in an organization is responsible for that firm’s client experience. Therefore, every organization is filled with candidates to attend this program and to help make a superb client experience a reality.”
Levine states, “Perfecting the client experience is not a destination with a start and a finish. It is a journey that is ongoing, and the most successful organizations recognize this and make it a top priority.” Peapack-Gladstone Bank’s dedication and commitment toward supporting quality education in all areas of education and industry shows in its continued outreach efforts by key personnel. In a recent podcast interview with CenterState Bank, Larry discussed the client experience journey at Peapack-Gladstone Bank and how that is paying off in high satisfaction levels, referrals, and in profitability growth. To hear about the Bank’s approach, philosophy and commitment to client satisfaction, you can listen to Larry’s podcast interview, “The Client Experience with Peapack-Gladstone Bank,” by visiting Peapack-Gladstone Bank’s website at www.pgbank.com/what-we-think/all-banking-should-be-private-banking.
Anne M. Smith is promoted to Senior Managing Director, Senior Portfolio Manager
March 7, 2017Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the promotion of Anne M. Smith to Senior Managing Director, Senior Portfolio Manager, Private Wealth Management at Peapack-Gladstone Bank. Anne has over 30 years’ of financial services experience with expertise in managing and growing investment portfolios for high-net-worth individuals and institutions.
Prior to joining Peapack-Gladstone Bank, Mrs. Smith was employed for five years in municipal sales for R. Seelaus & Company in Summit, New Jersey, covering banks, funds and money managers. Previously, in Chicago, Illinois, she worked in institutional municipal sales for Harris Bank and traded municipal bonds for The Northern Trust Company.
Mrs. Smith began her career in Boston, Massachusetts, working on the institutional fixed income desk at Bank of Boston, then moving to start up a municipal sales desk for Fleet Bank in Boston.
A resident of Bedminster, New Jersey, Anne received a Bachelor of Arts Degree from Trinity College in Hartford, Connecticut, in 1981. She holds a Series 7 license.
John Kowal is promoted to Senior Vice President, Senior Technology Officer, Information Technology
Posted February 21, 20 17
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the promotion of John Kowal to Senior Vice President, Senior Technology Officer, Information Technology at Peapack-Gladstone Bank. In his role, Mr. Kowal oversees all technology operations and project management at the Bank. He is responsible for the deployment of new up-to-date technologies, enhancement of clients’ technology experience, improving operational efficiency, and the provisioning of security and cyber threat protection.
Mr. Kowal has 11 years’ of experience in the information technology industry. Prior to Peapack-Gladstone Bank, he served as Technical Architect at Gotham Technology Group; Solutions Architect at All Covered, a Division of Konica Minolta; and Solutions Architect at United Computer. Prior to that, Mr. Kowal also held positions at Princeton Consultants and Montclair State University.
A resident of Manalapan, New Jersey, Mr. Kowal holds a Bachelor’s Degree in Computer Science from Montclair State University. He is a Certified Information Systems Auditor (CISA) and holds three Microsoft Certified Solutions Associate (MCSA) certifications in addition to a Microsoft Certified Solutions Expert (MCSE) certification. Mr. Kowal is a member of the Information Systems Audit and Control Association (ISACA) and New Jersey Bankers Association.
Back to top
Carolyn Larke is promoted to Senior Managing Director, Senior Trust Officer
Posted February 16, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the promotion of Carolyn Larke to Senior Managing Director, Senior Trust Officer, Private Wealth Management at Peapack-Gladstone Bank. Joining Peapack-Gladstone Bank in 2011, she is part of an experienced wealth management team responsible for the administration of private foundations, retirement accounts, estates and trusts.
Ms. Larke began her career managing the trust and estate Tax and Administration areas as a Senior Legal Assistant and Senior Fiduciary Accountant at several New York law firms. She then moved to the Philanthropic Advisory Services area at U.S. Trust Company, also in New York, to start this newly-formed department. As Senior Philanthropic Officer, Carolyn guided individual clients through the compliance and administration issues of charitable trusts and foundations. Leaving New York behind after 25 years, Carolyn joined Beacon Trust Company in Morristown, New Jersey, as a Senior Trust Officer.
Carolyn received her BA in economics and paralegal degree, specializing in estates and trusts, from New York University. She is an enrolled agent, licensed to practice before the Internal Revenue Service since 1986 and is a Certified Financial Planner®. A resident of Oradell, New Jersey, Ms. Larke has served on the boards of several charitable organizations, including the American Heart Association Advisory Board and has volunteered for the AARP Foundation Tax Counseling for the Elderly program in Bergen County.
Peapack-Gladstone Bank Announces Appointment of Executive Vice President, Chief Operating Officer
Posted February 14, 2017
In anticipation of its continued pursuit and execution of its growth strategy “Expanding Our Reach,” Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announced today the appointment of Robert A. Plante to the position of Executive Vice President, Chief Operating Officer, effective later this quarter.
Mr. Plante is a seasoned executive, proficient in tactical and operational leadership within the financial services industry. He has an extensive skill set with a focus on delivering high-value results. Adept at generating business value, Bob is an outstanding team builder and coach with expertise in business alignment, innovation and operations, regulatory compliance, mergers and acquisitions integration and performance management.
Bob most recently served as executive vice president and chief operations officer/chief information officer at IDB New York, a $9.8 billion commercial bank, where he was a member of the credit risk, market risk and asset liability committees. In his role, he was responsible for all back-office support functions including payments, deposits, commercial and residential lending, treasury, custody, commercial cash management and information technology.
“Bob has a tremendous operations and technology background and is already familiar with all of our core vendors in both wealth and retail. His expertise in operations, project management and technology will add considerable depth to our executive team,” stated Doug Kennedy, President and Chief Executive Officer.
An experienced banker, Bob has also held leadership positions at The CIT Group, a global commercial and consumer finance company with $5.6 billion in revenue and more than 7,000 employees in 31 countries, and at GE Capital Global Consumer Finance, where he was a member of the senior management team responsible for technical strategy development and integration, systems selection and implementation, data center consolidation, acquisition due diligence and organizational planning and recruiting.
A resident of Mountain Lakes, New Jersey, Bob holds a Bachelor of Science in Business Administration (B.S.B.A.), Finance, from the University of Vermont. Bob has been recognized as a “Top Innovator” by Information Week and named a “Top 100 CIO” by CIO Magazine. He also has been awarded the “Individual Achievement” award from CancerCare of New Jersey.
Deborah Heins is promoted to Senior Managing Director, Commercial Private Banking, Commercial Real Estate
Posted February 14, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the promotion of Deborah Heins to Senior Managing Director, Commercial Private Banking (Commercial Real Estate) at Peapack-Gladstone Bank. Deborah is part of an experienced team that provides Private Banking clients with full banking solutions ranging from commercial lending products to wealth management.
Ms. Heins has over 30 years of experience in the financial services industry which includes a concentration in commercial, commercial real estate and mortgage warehouse lending. In previous roles, Deborah held successful positions at HSBC, Sovereign Bank/Independence Community Bank, Summit Bank and Midlantic Bank.
A resident of Far Hills, New Jersey, Ms. Heins holds a Bachelor of Arts Degree from New York University and is a member of the Somerset County Business Partnership.
Peapack-Gladstone Financial Corporation Elevates Finn M. W. Caspersen, Jr. to Senior Executive Vice President, Chief Strategy Officer and General Counsel
Posted February 13, 2017
In anticipation of our continued growth, Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank (together, “Peapack-Gladstone Bank” or the “Bank”) announce the elevation of Finn M. W. Caspersen, Jr. to the position of Senior Executive Vice President, Chief Strategy Officer and General Counsel.
Finn joined the Bank in March 2004 as Senior Vice President and was promoted to General Counsel in May 2006. He was promoted again to Executive Vice President in January 2008 and was elected to the Board of Directors in April 2012. In March 2013 he was promoted to Senior Executive Vice President and Chief Operating Officer. Finn will continue to serve as Chief Operating Officer until the new Chief Operating Officer joins later this quarter.
“As a key deputy since my arrival and as Chief Operating Officer over the past four years Finn has been integral to the Bank’s restructuring and growth. As we continue to build out our business model I now need Finn to pivot away from day-to-day operations and spend more time with me on strategy,” said Doug Kennedy, President and Chief Executive Officer of Peapack-Gladstone Bank. “Finn is a talented executive and this move will leverage his strengths to drive shareholder value.”
As Chief Strategy Officer and General Counsel, Finn will focus on strategic initiatives including entry into new business lines, pursuit of new revenue opportunities, mergers and acquisitions, and further enhancing the Bank’s already excellent client service. In addition, Finn will have overall responsibility for Human Capital, Enterprise Risk Management and Compliance, Legal and Corporate Governance and Peapack Private, the Bank’s new Private Banking initiative. Finn will continue as an active member of a number of Bank committees as well as the Bank’s Board of Directors.
Finn is a graduate of Harvard College and Harvard Law School and has served as trustee of Cardigan Mountain School, Pomfret School, the Somerset Hills YMCA, the Willowwood Arboretum and the New Jersey Chapter of the Nature Conservancy. Finn was a two-term elected member of the Bedminster Township Committee and has also served on the Bedminster Environmental Commission and the Bedminster Land Use Board. Finn is currently a member of the ABA’s Government Relations Council Administrative Committee and the Somerset County Business Partnership’s Board of Directors.
Diane Makoujy is promoted to Senior Vice President, Corporate Controller at Peapack-Gladstone Bank
Posted February 13, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the promotion of Diane Makoujy to Senior Vice President, Corporate Controller at Peapack-Gladstone Bank. In her current role, Diane is part of an experienced financial team responsible for all aspects of Corporate accounting and related controls, policies and procedures at the Company and the Bank.
Ms. Makoujy has over 30 years of experience in the financial services industry. Prior to joining Peapack-Gladstone Bank, she served as Chief Financial Officer for a privately-held information technology consulting firm in Clifton, New Jersey. Previously, she held equally impressive roles as Vice President, Penn Federal Savings Bank, West Orange, NJ; Senior Vice President & Chief Financial Officer, The Bank of Hemet, Riverside CA; Vice President & Controller, East New York Savings Bank, New York, NY; Assistant Vice President, Morgan Guaranty Trust Company, New York, NY; and as Senior Auditor at PricewaterhouseCoopers in Newark, NJ.
Ms. Makoujy has a Bachelor of Science Degree in Business with a concentration in Accounting from Montclair State University and is a Certified Public Accountant.
Back to top
Glen Corbitt, CFA, CFP® is promoted to Senior Managing Director and Senior Portfolio Manager, Private Wealth Management
Posted February 10, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the promotion of Glen Corbitt, CFA, CFP® to Senior Managing Director & Senior Portfolio Manager, Private Wealth Management at Peapack-Gladstone Bank. He is part of the Bank’s experienced financial services team responsible for managing Peapack-Gladstone Bank’s trust and investments function, helping to guide clients with overall wealth advisory services and solutions.
A seasoned financial services executive, Mr. Corbitt has a high performing track record performing 21 years in the wealth management arena. Prior to joining Peapack-Gladstone Bank in 2013, he served as Senior Portfolio Manager with U.S. Trust and its predecessors. In addition, Glen managed U.S. Trust’s (formerly Summit Bank) flagship large and mid-cap growth funds, and prior to that as equity research analyst and head of growth equity research. Prior to joining U.S. Trust, he performed in a corporate accounting role at Rockefeller & Company in New York City.
Before beginning his banking career, Mr. Corbitt was assigned as an officer in the United States Army in Fort Lewis, Washington. A resident of Chatham, New Jersey, Glen holds a Bachelor of Arts degree from Providence College in Rhode Island and an MBA from New York University. He holds the designations of Chartered Financial Analyst and Certified Financial Planner® and is a member of the New York Society of Security Analysts and the CFA Institute.
Erik Vadeika, CFA is promoted to Senior Managing Director and Senior Portfolio Manager, Private Wealth Management
Posted February 8, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the promotion of Erik Vadeika to Senior Managing Director and Senior Portfolio Manager, Private Wealth Management at Peapack-Gladstone Bank. He is responsible for growing investment portfolios for high-net-worth clients, also functioning as the equity analyst for the technology sector.
Prior to joining Peapack-Gladstone Bank, Mr. Vadeika served as Portfolio Manager for Beacon Trust and was a member of the stock selection team. He began his career in the credit analysis training program at Midlantic Bank. He was later responsible for portfolios and investments at PNC Wealth Management and the American Stock Exchange. At these positions, he gained extensive experience in analyzing risk, identifying prudent investments and managing expert portfolios of equities, fixed income and alternative investments for individuals, trusts and small institutions.
A resident of Glen Rock, New Jersey, Mr. Vadeika received a Bachelor of Arts degree in Business Management from Gettysburg College. He is a CFA® Charterholder and member of the New York Society of Security Analysts.
David Collum is promoted to Senior Managing Director, Wealth Operations and Delivery, Private Wealth Management
Posted February 7, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the promotion of David Collum to Senior Managing Director, Wealth Operations & Delivery, Private Wealth Management at Peapack-Gladstone Bank. In his current role, David is responsible for operations, service delivery and infrastructure for the wealth management business that services high-net-worth individuals, families, foundations, endowments and not-for-profits. Mr. Collum is a member of the leadership team responsible for overall strategy and operational solutions.
Mr. Collum has 26 years of experience in the financial services industry. In the past he served as Division Manager of the Private Wealth Management Personal Custody Division at BNY Wealth Management where he led a team servicing and administering custody assets for clients nationwide. He previously served as Chief Financial officer for the BNY Wealth Management Tri–State region. David also served on the integration executive committee of the Mellon and Bank of New York Private Wealth merger team. In a previous role, Mr. Collum was the Chief Operating Officer of the Bank of New York Private Bank, and prior to that, he held positions as Operations Manager and Senior Custody Officer.
David holds a Bachelor of Arts degree In English Literature/Writing and Business Operations from Fairfield University. He is an active member of the Westfield community where he has coached for many years and has been active in several local charities.
MJ Sully, Esq. is promoted to Senior Managing Director, Senior Fiduciary Specialist, Private Wealth Management
Posted February 6, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the promotion of MJ Sully, Esq. to Senior Managing Director, Senior Fiduciary Specialist, Private Wealth Management at Peapack-Gladstone Bank. Ms. Sully joined the Bank in 2007 and is responsible for providing fully integrated solutions to clients and prospects with regard to financial strategies, wealth, tax, and estate planning, as well as other complex client matters.
Ms. Sully began her legal career in private practice and then served for more than 12 years as a government attorney; she was Assistant Municipal Attorney to the Township of West Orange and then Special Probate Counsel to the Essex County Surrogate’s Court and Superior Court of New Jersey, Chancery Division, Probate Part. She is admitted to practice law in New Jersey and Pennsylvania and is a member of the New Jersey Bar Association, Pennsylvania Bar Association and Essex County (New Jersey) Bar Association.
MJ has lectured for the New Jersey Institute for Continuing Legal Education on various topics such as Probate Litigation, Surrogate Practice, Fiduciary Duties, Elective Share, Conservatorships, Guardianships, etc. and was the keynote speaker at the New Jersey Institute for Continuing Legal Education’s 56th Semi-Annual Tax & Estate Planning Forum. She has appeared on the Discovery Channel as a legal expert for the television series, “The Will.”
Ms. Sully received her Bachelor of Arts (BA) Degree from The University of Notre Dame. She also earned a Master of Science in Administration (MSA) from the University of Notre Dame, Mendoza College of Business and a Juris Doctor (JD) from the University of Notre Dame School of Law. As an undergraduate, she was a member of the Women’s National Championship Fencing Team and received the Scholar Athlete Award.
Denise Pace-Sanders is promoted to Senior Vice President, Brand and Marketing Director
Posted January 30, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the promotion of Denise Pace-Sanders to Senior Vice President, Brand and Marketing Director at Peapack-Gladstone Bank. In her current role, she is responsible for developing and promoting the Peapack-Gladstone Bank brand throughout its footprint, ensuring the integrity of the Bank’s message and the consistency of the brand elements and personal energy that they reflect; and additionally establishing and maintaining a consistent image and message throughout all communications, both internally within the organization and externally.
Denise has more than 25 years of advertising and marketing experience, with 20 years dedicated to the financial services industry. Before joining Peapack-Gladstone Bank in 2006, she served as the marketing officer at Unity Bank. Over the years, she held key advertising, marketing, e-commerce and web communications roles at Affinity Federal Credit Union, UnitedTrust Bank (formerly United National Bank) and TD Bank (formerly Commerce Bank). She began her career on the client side of business, working for Wieden+Kennedy, the advertising agency of record for Nike, at their satellite location in Philadelphia, Pennsylvania; followed by J. Caserta and Associates, Mount Laurel, New Jersey, where she represented Showboat Casino Hotel and other clients.
Ms. Pace-Sanders received her Bachelor of Arts degree in Journalism with a concentration in Advertising and Public Relations from the University of South Carolina and earned an Associate of Arts degree in Liberal Arts and Sciences from Raritan Valley Community College. A resident of Branchburg, New Jersey, Denise is a former member of the advisory committee for The Discovery Orchestra as well as a former member of the corporate Advisory committee for The Morris Museum.
Back to top
Peapack-Gladstone Financial Corporation Reports a Strong Fourth Quater and Year and Declares its Quarterly Cash Dividend
Posted January 30, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market:PGC) (the “Company”) recorded record net income of $26.48 million and diluted earnings per share of $1.60 for the year ended December 31, 2016, compared to $19.97 million and $1.29, respectively, for the year ended December 31, 2015, reflecting increases of $6.51 million or 33 percent, and $0.31 per share or 24 percent, respectively.
For the quarter ended December 31, 2016, the Company recorded net income of $7.31 million and diluted earnings per share of $0.43, compared to $4.34 million and $0.28 for the same quarterly period last year, reflecting increases of $2.97 million, or 68 percent, and $0.15 per share, or 54 percent, respectively.
During the fourth quarter of 2015 the Company recorded $2.5 million of charges related to the closure of two branch offices. These charges reduced pretax income by $2.5 million, net income by $1.6 million and diluted earnings per share by $0.10 per share, for both the 2015 year and 2015 fourth quarter.
The 2016 year and 2016 fourth quarter, when compared to the same periods in 2015, reflected improved net interest income, wealth management fee income, and other non-interest income. Expenses for 2016 included increased FDIC premiums, increased investment in risk management related analytics and practices, and increased salary and benefits associated with strategic hiring which was in line with the Company’s Strategic Plan.
Peapack-Gladstone Bank Named 2016 SBA Breakthrough Lender of the Year
Posted January 27, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the Bank has been awarded the Small Business Administration New Jersey District Office’s #1 Breakthrough Lender of the Year. “We believe that small businesses are the engine that drives the U.S. economy, and our goal is to assist start-up small businesses owners in securing the funding needed to build and expand their companies,” said Andrew Glatz, Senior Managing Director and Head of Peapack-Gladstone Bank’s SBA Lending Division. The Bank was recognized for its accomplishment at the U.S. Small Business Administration Annual Lender Awards Ceremony held on Thursday, January 26 at Forsgate Country Club in Monroe Township where Andrew Glatz received the award on behalf of the Bank.
“We became a client of Peapack-Gladstone Bank in 2016, with a Small Business Administration real estate loan,” stated Paul Nix, Ph.D., President and CEO of Princeton Separations, Inc. located in Freehold, New Jersey. A biotech manufacturing company since 1984, Princeton Separations is now a major world-class provider of biomolecular separation systems used in DNA sequencing for molecular biologists in hospitals, forensics and research labs throughout the world. Dr. Nix says, “As a new client, I was impressed with the Bank’s business etiquette. They have been great partners, and we are very happy about our decision.”
In August 2016, Peapack-Gladstone Bank also earned the Small Business Administration Preferred Lender status enabling the Bank to provide streamlined financial assistance and expedited loan processing for its small business clients. The quick turnaround time enables Peapack-Gladstone Bank to provide funds rapidly, helping vibrant small business communities grow and prosper. Peapack-Gladstone Bank is one of only a small number of New Jersey Banks with the PLP (Preferred Lenders Program) designation.
Peapack-Gladstone Bank’s commitment toward assisting small business in creating jobs and economic opportunities across the State is deeply engraved in their culture. As stated by Glatz, “We will continue to work diligently in concert with small business in the future development of New Jersey’s economy and communities.”
Peapack-Gladstone Bank Sponsorships Provide for Affordable Housing
Posted January 26, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank have announced financial sponsorships through the Federal Home Loan Bank of New York to support the construction of safe and decent affordable housing for low-income households. Combined with the Bank’s client, Ingerman, a leading developer, builder and manager of award-winning multi-family communities throughout the Mid-Atlantic Region, the awarded financial support of construction will enrich New Jersey’s communities while providing for those most in need.
The first award to Ingerman in the amount of $525,000 will assist in the development of The Residences at Symphony Hall, a 4-story, 60-unit affordable rental community located in Newark, Essex County, New Jersey. Approved through the 2016 Affordable Housing Program (AHP), this project will contain 20 one-bedroom and 40 two-bedroom low-income units. Fifteen units will be allocated for residents with special needs, six units for individuals with mental illness, and nine for homeless individuals with a disability. The remainder of the units will be marketed to the growing artistic community.
The second Federal Home Loan Bank AHP sponsorship of $355,000 will be utilized in the development of The Willows at Westampton project, a 72-unit affordable multi-family rental community located within the Township of Westampton, Burlington County, New Jersey. This project consists of six three-story residential buildings and one stand-alone community building. The Willows at Westampton will also contain five special needs units to be utilized by formerly homeless individuals.
Through the Federal Home Loan Bank of New York, Peapack-Gladstone Bank is proud to be a sponsor of Ingerman, in providing high-quality, state-of-the art construction of both The Residences at Symphony Hall and The Willows at Westampton providing vital low-income housing and enriching residential communities within the State of New Jersey.
John Raleigh Joins Peapack-Gladstone Bank
Posted January 25, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the appointment of John Raleigh, Senior Managing Director, Commercial Private Banking at Peapack-Gladstone Bank. Located in Darien, Connecticut Mr. Raleigh is responsible for the market growth in the Connecticut, New York and New England markets providing exceptional client service through the Bank’s unique private banking approach.
“John and I began our careers together, and it is great to team up with him again at Peapack-Gladstone Bank. He is a great asset in delivering the Peapack-Gladstone Bank experience of superior service to the Connecticut market,” states Doug Kennedy, President and Chief Executive Officer.
Mr. Raleigh has over 30 years of financial services experience holding key positions in the middle market, corporate, leverage finance and asset-based banking segments. Prior to joining Peapack-Gladstone Bank, Mr. Raleigh worked at Citibank as the Region Manager of Upper Middle Market Banking for the Florida, New York and Connecticut markets. He also served as a Senior Credit Officer and instructor to the Bank’s Commercial Risk Management Program. Prior to that, John was Vice President, Northeast Region for HSBC in New York where he was named Officer of the Year multiple times for outstanding performance. He held equally impressive roles at Sanwa Business Credit, Fleet Capital Corporation and Coast Business Credit covering the Northeast markets. John started his career at JPMorgan Chase in New York where he completed formal credit training.
A resident of Darien, Connecticut, Mr. Raleigh holds an MBA in Finance from Iona College and BBA in Accounting, Finance and Mathematics from Pace University. He is a Board and Finance Committee member of the Laurel House, Stamford, Connecticut and is engaged in other charities including build-On, Habitat for Humanity and Malta House.