Doug Kennedy, President and CEO of Peapack-Gladstone Bank Addresses Recent Events Within the Banking Industry
Posted April 24, 2018
President and Chief Executive Officer of Peapack-Gladstone Bank (NASDAQ Global Select Market: PGC), Doug Kennedy, for the second time in just a few short years, has been moved to address the recent headlines associated with abuses in the banking industry.
“With the recent announcement about a nationally known bank being fined $1 billion for home and auto loan abuses toward its clients, I’m compelled to speak out yet once again,” stated Doug Kennedy. “I’ve said it before and I can’t believe I’m in a position of having to say it again, but this behavior from a financial institution is outrageous, and I think clients deserve better.”
Doug continued, “Like every community bank, our approach to banking has been the same for more than 95 years. We treat our clients with respect and dignity, and pride ourselves on offering solutions not just products that generate income for the bank. We subscribe to the idea that clients deserve better than being forced into products they don’t need or that won’t help them succeed. Shouldn’t all financial institutions operate on this basis?"
Research shows that big bank clients are disappointed and dissatisfied with how they are treated, but they put up with national banks because they want convenience and the latest technology. Local banks, like Peapack-Gladstone Bank, offer an alternative – a client-focused, advice-led personal approach – versus the impersonal service and unethical behavior of their larger counterparts.
Peapack-Gladstone Bank and many other more community focused institutions offer the same benefits, products, technologies and solutions as the larger nationally known banks, but these institutions offer local perspective and more personalized contact which, as in the case of Peapack-Gladstone Bank, is backed by almost 100 years of doing business this way.
“We want consumers and businesses to know that there is an alternative to the big banks. You can work with people who put your best interests at the center of the conversation. There are actually bankers that do the right thing,” insisted Kennedy. “Community banks are competitive in product and rate, but more importantly we believe in our communities and we serve them with integrity and a commitment that the big mega banks just don’t offer.”
Kennedy continued, “Peapack-Gladstone Bank was founded with the goal of serving its clients better. We have been providing thoughtful financial advice for generations. And, we are successful because our clients know they can trust us.” As the president and CEO, Kennedy encourages anyone who feels they deserve more from their current national bank to consider local options. A great local bank like Peapack-Gladstone Bank will always have its clients’ best interests in mind. Peapack-Gladstone Bank believes in honest and valuable partnerships, and that relationships are built on trust, integrity and transparency in every interaction.
Peapack-Gladstone Bank Hires William C. Gascoigne to Lead its Professional Services Group
Posted April 18, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank proudly announce the launch of a Professional Services Group, which will be led by William C. Gascoigne. This team will focus on providing customized solutions to meet the specific needs of attorneys and CPAs.
A resident of Morris County, NJ, Bill is a career banker and tenured leader with over 40 years of financial industry experience. For the last 14 years he has held the position of Senior Vice President at Capital One Bank, working as the single point of contact and trusted advisor for professional firms and their middle market clients in the NJ-NY markets.
“I’ve known Bill for over 25 years,” said Doug Kennedy, President and Chief Executive Officer of Peapack-Gladstone Bank. “We recognize the need to grow our professional services business, and Bill is the right person for the job. He has the drive and commitment we need to make this a strong and impactful offering for the Bank.”
Similar to the recent launch of the Bank’s Corporate Advisory Group, which offers independent, unbiased and objective advice to middle market companies and their owners, developing the Professional Services Group is an integral step in the Bank’s growth. Peapack-Gladstone Bank is dedicated to delivering smart ideas to improve financial performance and to providing proactive and sound financial recommendations to professional firms. Bill and his team understand the needs and challenges of professional service firms and will offer collection, payment and liquidity management solutions like MyEscrow, PGB’s new virtual sub-accounting solution, to provide clients maximum control, processing efficiency and convenience. This group is also very experienced in meeting all the borrowing needs of professional service firms and their partners.
“I am excited to join this well-regarded institution,” stated Gascoigne. “Peapack-Gladstone Bank’s private banking style is unique, and there’s a lot of opportunity in the market to not only provide the right products and solutions – which is a given – but to build solid and meaningful relationships on both a business and personal level."
Mr. Gascoigne holds an MBA in Finance from Rutgers University and a BA in Economics from the University of Virginia. Over his long career, Bill has served on several non-profit boards including Junior Achievement of NJ, The United Way of Essex and West Hudson and the Mental Health Association of Essex and West Hudson. He is currently a member of the Board of Directors for the Tri-County Scholarship Fund and a former president of his home golf club, the Rockaway River Country Club.
Peapack-Gladstone Bank Hires Brydget Falk-Drigan as Executive Vice President, Chief Human Resources Officer
Posted April 16, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce the appointment of Brydget Falk-Drigan as Executive Vice President, Chief Human Resources Officer at Peapack-Gladstone Bank. Ms. Falk-Drigan will oversee the Bank’s Human Resources function, building upon its existing strategic plan, success and growth.
Ms. Falk-Drigan brings to the Bank 27 years of human resources experience in the financial services industry with a focus on organizational development, employee engagement, talent attraction, onboarding, operational excellence, team member communications and best-in-class overall human resources experience. Her proven track record over the years speaks for itself through attracting, developing and retaining new talent contributing to organizational growth and employee satisfaction.
Prior to joining Peapack-Gladstone Bank, Ms. Falk-Drigan served as Leader, Global Talent Solutions and People Operations, Leader, Global Talent Acquisition, and Leader, Employee Engagement and Internal Communications at Dun & Bradstreet Corporation in Short Hills, New Jersey. There she led HR operations, systems implementations/ enhancements, employment branding, talent acquisition, onboarding and the incorporation of a Managed Service Provider (MSP) program. Additionally, as a Senior Human Resources Business Partner and Winning Culture/Talent Development Leader, Ms. Falk-Drigan provided business partner support to the U.S. Dun & Bradstreet sales organization helping to drive significant growth through the advancement of a strong performance culture, while also advancing the development of the company’s winning culture strategy in support of its aspiration and brand. Ms. Falk-Drigan began her career in Canada, and occupied the role of Vice President, Human Resources at Dun & Bradstreet Canada, prior to relocating to the U.S., supporting the various lines of business and building a winning culture focused on succession planning and career development.
A resident of Watchung, New Jersey, Ms. Falk-Drigan holds a Bachelor of Arts Degree in Psychology and Business from the University of Western Ontario, Canada. She is designated a Certified Human Resources Professional (CHRP) with the Human Resources Professional Association of Ontario, Canada, and holds a Canadian Human Resource Management Certificate (CHRM) from the Advanced Program in Human Resources Management, University of Toronto, Toronto, Canada.
Timothy E. Doyle is promoted to Executive Vice President, Chief Risk Officer
Posted March 28, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the elevation by the Board of Directors of Timothy E. Doyle to Executive Vice President, Chief Risk Officer at Peapack-Gladstone Bank. In his current role, Mr. Doyle is responsible for Enterprise Risk Management and Compliance. Duties include assessment of operational and vendor risk, stress testing, policy and regulatory compliance, and mitigation of risk across the enterprise.
Mr. Doyle joined the Bank in 2015 in credit and in 2016 assumed the role of Senior Vice President, Chief Risk Officer. During his tenure, Mr. Doyle has provided significant contributions in the creation and management of the Bank’s sound risk infrastructure. Additionally, he is proactive within the State of New Jersey promoting sound risk management practices.
Mr. Doyle has over 30 years of financial services experience in risk management in a regulatory environment, as well as broad experience in transaction-intensive relationship banking including structured finance and portfolio management and development. Prior to joining Peapack-Gladstone Bank, Mr. Doyle served as Senior Vice President, Chief Credit Officer at Crown Bank, Indus American Bank and Millennium bcp Bank. In years prior, he had credit and leadership responsibilities at Sovereign Bank, Summit Bank/Fleet National Bank and CIBC World Markets, supporting commercial banking.
Mr. Doyle graduated with a Bachelor of Commerce with Honors and MBA from the University of Windsor (Canada). He is a member of the New Jersey Bankers Association Commercial Lending and Enterprise Risk Management Committees, member of the Professional Risk Managers International Association and is an Enterprise Risk Management Certified Professional. A resident of Westfield, New Jersey, he and his wife Patricia are active with The Parish Community of St. Helen.
Peapack-Gladstone Bank Hires Ron Andersen as Senior Managing Director, Commercial Private Banker
Posted March 19, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce the appointment of Ron Andersen as Senior Managing Director, Commercial Private Banker at Peapack-Gladstone Bank. Mr. Andersen is responsible for building the Bank’s wealth, lending and deposit business while servicing commercial businesses in the Northern New Jersey area.
Mr. Andersen brings to the Bank more than 30 years of experience in the financial services industry with a focus on middle-market companies, both domestically and internationally, ensuring growth and achievement of their financial goals. Most recently, he served as Senior Vice President, Relationship Manager at Capital One, N.A. where he assisted in the growth of middle-market companies with revenues in excess of $20 million in the New Jersey, New York and Eastern Pennsylvania markets. Prior to that, as Senior Vice President and Senior Relationship Manager at Santander Bank, N.A. in Short Hills, New Jersey, Ron serviced middle-market companies with revenues from $20 million to $500 million and was instrumental in growing existing portfolios via cross sell with new-to-bank relationships. Previously, as First Vice President and Commercial Executive, NJ Corporate Banking at HSBC, Mr. Andersen assisted in the creation, management and growth of the portfolio for the New Jersey corporate banking team servicing middle-market companies domiciled in New Jersey with revenues of $20 million to $2 billion.
Mr. Andersen holds a Bachelor of Arts Degree in Accounting from Montclair State University and is an active member of the national networking group, Business Forums International (Newark Chapter). Ron is also a proactive member of Our Lady of Magnificat Church in Kinnelon, New Jersey, serving in various ministry roles.
Peapack-Gladstone Bank Hires Todd M. Poland as General Counsel
Posted February 22, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce the appointment of Todd M. Poland as Executive Vice President, General Counsel at Peapack-Gladstone Bank. Working out of the Bank’s Headquarters in Bedminster, New Jersey, Mr. Poland is responsible for overseeing all legal affairs of the Company in addition to providing advice to the Bank’s executive management team on all matters of law and policy. “Todd brings a wealth of knowledge and expertise to this role which will serve the Bank well as we continue our ongoing initiative in expanding our reach. His expansive experience will be a valuable asset to our Company,” says Doug Kennedy, President and Chief Executive Officer of Peapack-Gladstone Bank.
Mr. Poland previously served as Partner at McElroy, Deutsch, Mulvaney & Carpenter LLP in Morristown, New Jersey with a concentration in banking, corporation and securities law. He has extensive experience in bank and thrift regulatory and transactional matters, representation of parties to private equity transactions and other mergers and acquisitions (including strategic and financial buyers, and institutional lenders and equity investors), general representation of banks and other financial institutions, public and privately held companies, and public and private offerings of securities.
Mr. Poland has been a frequent lecturer on corporate and banking law matters to bar and banking groups. He is an Adjunct Professor of Law (Commercial Law) at Rutgers University Law School, Newark, New Jersey. Todd has also been listed in Super Lawyers® (2006, 2009, 2012-2014), a Thomson Reuters rating service business, in the areas of banking and business/corporate.
Mr. Poland holds a Bachelor of Arts Degree in English from Georgetown University and Master of Arts in English from the University of North Carolina. Additionally, Todd holds a Juris Doctor Degree from Georgetown University Law Center and was an editor of the Georgetown Law Journal. Todd holds a Master of Laws in Taxation (LL.M.) from New York University School of Law and is a member of the New York and New Jersey State Bar Associations.
Peapack Capital Originates $152MM in 2017
Posted February 15, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce Peapack Capital Corporation, a subsidiary of Peapack-Gladstone Bank, funded equipment finance transactions totaling $152 million for commercial and corporate clients in 2017, its first year of operations.
Headquartered in Bedminster, New Jersey, Peapack Capital was founded in April 2017 and is led by Robert Cobleigh, President. The new business unit has grown its team to nine employees as of December 31, 2017.
“It’s rewarding to build a first-class equipment finance and leasing platform for Peapack-Gladstone Bank, and we are very thankful for the support of the Bank,” said Cobleigh. “Our team is dedicated and experienced, and we look forward to building on our early success and contributing to realizing the Bank’s goals. We are also very thankful to the companies that have trusted us to help achieve their objectives.”
Peapack Capital provides equipment financing from $5 million to $30 million to middle market and large corporate clients across the U.S.
Peapack-Gladstone Financial Corporation Announces Enhancements in Light of Tax Reform Benefits
Posted February 8, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announced that as a result of the reduction in corporate taxes from the Tax Cuts and Jobs Act, as previously announced in the Company’s Form 8-K dated January 18, 2018, the Company will reinvest up to 25% of that tax benefit in the Company’s people, processes, systems, client services and/or communities it serves.
These benefits include, but are not limited to:
- Salary adjustments for the lower 25th percentile of staff based on salary level;
- A bonus of $1,000 to all full-time employees below the Executive Leadership Team level, with $500 given to all part-time employees;
- Approximately 20% increase in contributions and community support spending;
- Enhancing the Company’s online and mobile banking capabilities;
- Streamlining and automating our commercial loan origination and underwriting processes; and
- Expanding the Company’s data analytics.
Peapack-Gladstone Bank Expands Corporate Advisory Services
Posted February 6, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce a heightened commitment to providing strategic advice to entrepreneurs and business owners who are looking for thoughtful and customized solutions. The Bank is further investing in its advice-led strategy through its corporate advisory team and expanding on the opportunities that this business segment offers.
“Our approach, which is routinely available for large well-known businesses, has been lacking for new or lessor known - yet successful - entrepreneurs,” said Doug Kennedy, President and Chief Executive Officer of Peapack-Gladstone Bank. “We recognize the opportunity to expand in this area because we have seen so much success.”
To help execute on its commitment to this dynamic market, the Bank has hired Kevin J. Bodnar to head the division with Patrick R. Brocker, a leader at Peapack-Gladstone Bank since 2015, who heads structured finance. The duo, along with fellow Peapack-Gladstone Bank senior managing director, Thomas Brower, will lead the team in complement to other disciplines within the Bank, evaluating strategic alternatives for clients, including acquisitions, divestitures, joint ventures and recapitalizations; assessing debt capacity and appropriateness of debt and equity solutions; and evaluating alternatives to improve alignment of family and business objectives.
“Each member of the corporate advisory team has consistently demonstrated success by adding value and delivering strategic insight to clients,” said Eric H. Waser, Executive Vice President and Head of Commercial Banking at Peapack-Gladstone Bank. He continued, “Growing our team allows us to leverage an already successful line of business. It gives us the ability to support entrepreneurs and business owners with Bodnar’s merger and acquisition experience, which is a perfect fit with our advice-led strategy.”
Kevin J. Bodnar of Morris Plains, NJ, is a financial executive with a proven track record in investment banking, private equity and commercial banking, with more than 30 years’ experience in business development, strategic and financial advisory, lending and investing, credit underwriting and structuring, and executing mergers and acquisitions. He most recently served as managing director at Corporate Fuel Partners, New York, NY, where he oversaw the firm’s broker-dealer subsidiary. Prior to that, Bodnar was a director with Alliance Mezzanine Investors, responsible for executing all phases of mezzanine and equity investments and fund management for the middle market focused SBIC-licensed fund. Before Alliance, he worked at FleetBoston Financial for 15 years in credit and lending. He was a founding member of Fleet Securities, Summit Bank’s mezzanine investment fund and capital markets business. Mr. Bodnar holds an MBA in Finance with a certification in International Finance from Seton Hall University and a BA in Political Science, with a minor in Business Management from Drew University. He is Series 7, 63, 79 and 99 NASD licensed.
More about the Corporate Advisory team: Patrick R. Brocker, a Peapack-Gladstone Bank employee since 2015, responsible for cash flow leveraged finance and asset based lending product capabilities at the Bank, has more than 30 years of financial services experience, with a concentration in asset-based and middle market leveraged finance, and an expertise in origination, underwriting and relationship management. Patrick has delivered value added solutions that have created substantial wealth for prospects and clients, and exceptional returns for the institutions he has represented. A resident of West Windsor, NJ, Patrick holds a BA in Business Administration with a major in accounting from Marquette University. He has been active for more than 20 years in the Commercial Finance Association.
Thomas Brower joined Peapack-Gladstone Bank in 2016 as a senior managing director in the commercial private banking division, responsible for growing the commercial and industrial lending business and expanding regional influence. His 19 years of financial services experience includes success within the middle market and corporate, institutional and industrial banking markets. A resident of Freehold, NJ, Brower earned a BS in Finance from Monmouth University and has completed the Chartered Financial Analyst Level I program.
Peapack-Gladstone Financial Corporation Reports a Strong Fourth Quarter and Year and Declares its Quarterly Cash Dividend
Posted January 29, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) reported record net income of $36.50 million and diluted earnings per share of $2.03 for the year ended December 31, 2017, compared to $26.48 million and $1.60, respectively, for the year ended December 31, 2016, reflecting increases of $10.02 million, or 38 percent, and $0.43 per share, or 27 percent, respectively.
For the quarter ended December 31, 2017, the Company recorded net income of $10.37 million and diluted earnings per share of $0.56, compared to $7.31 million and $0.43 for the same three-month period last year, reflecting increases of $3.06 million, or 42 percent, and $0.13 per share, or 30 percent, respectively.
For the quarter and year ended December 31, 2017, the Company recorded a $1.6 million tax benefit from the reduction of a deferred tax liability due to the new tax law.
Peapack-Gladstone Financial Corporation Announces Appointment of New Board Member
Posted January 25, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announces the appointment of Steven A. Kass to the Board of Directors of the Company and of Peapack-Gladstone Bank, effective January 25, 2018. Mr. Kass is the retired Chief Executive Officer of Rothstein Kass and former senior partner of KPMG, the firm that acquired Rothstein Kass in 2016.
As CEO of Rothstein Kass, Mr. Kass developed and implemented corporate strategy, championed organizational culture, core values, business purpose, guiding principles, diversity and women’s initiatives. His firm was once named to Fortune magazine’s 100 Best Companies to Work for in the United States. Kass was responsible for the oversight of the firm’s financial performance and risk management, including crisis response and corporate governance. He negotiated the sale of Rothstein Kass firm assets to KPMG and as senior partner at KPMG, he facilitated the subsequent integration and assimilation of the two firms.
“The new year is the perfect time for Steven to join our Board of Directors,” stated Doug Kennedy, President and Chief Executive Officer at Peapack-Gladstone Bank. “His board leadership experience is exceptional and his insight into financial performance, risk and corporate governance directly supports our strategy.”
A resident of New York and graduate of Syracuse University, with a Bachelor of Science in Accounting, he served as Co-Chairman of the Board at Rothstein Kass from 2005 - 2014, and was a member of the Executive Committee from 1995 - 2014, serving as Chair from 2005 - 2014. Mr. Kass is a member of the National Association of Corporate Directors, the American College of Corporate Directors, the Association of Audit Committee Members, the KPMG Audit Committee Institute and the Private Directors Association. He is also a former board member of Sun Bancorp and AGN International, an international affiliation of accounting firms. He is a member of both the Whitman School of Management and the Lubin School of Accounting Advisory Boards for Syracuse University.
Peapack-Gladstone Bank Makes $5,000 Donation to United Way of Northern New Jersey
Posted January 18, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce their donation of $5,000.00 to the United Way of Northern New Jersey made on behalf of its employees, clients and friends. Presented at the Bank’s Headquarters in Bedminster, New Jersey, Lisa Galonardo, United Way of Northern New Jersey Regional Volunteer Engagement Manager in Bridgewater accepted the donation to support the organization’s efforts to improve the lives of New Jersey residents in need.
Throughout the years, Peapack-Gladstone Bank has formed a strong alliance with the United Way of Northern New Jersey, supporting individuals and local youth academically, socially and economically, providing the resources they need to thrive and succeed. The Bank runs annual drives collecting thousands of school supplies, holiday gifts and tangible goods. Additionally, employees roll up their sleeves to sort, package and distribute donations. Peapack-Gladstone Bank’s book drive was the model and inspiration for the United Way Book Buddy program which now provides reading material to support summer literacy programs, local school libraries and literacy education for students of all ages. In conjunction with the United Way, Bank employees also donate their time reading to students in a classroom setting while providing materials, snacks and hands-on support in creating a craft.
The Bank is committed to enhancing the lives and well-being of New Jersey’s residents while providing the tools they need for well-being and success. Through its partnership with the United Way of Northern New Jersey, Peapack-Gladstone Bank is proud to make a difference in contributing toward a better quality of life for the underprivileged and poor within the Garden State.
Peapack-Gladstone Bank Chairs GFMI Lending Middle Market Conference
Posted January 11, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce their active participation in the November 30-December 1 Global Financial Markets Intelligence (GFMI) Conference held in the Downtown Conference Centre, New York, New York. Fourth Edition Leveraged Lending in the Shifting Regulatory Market was the topic of discussion at this 2-day event chaired by Patrick Brocker, Senior Managing Director, Commercial Lending at Peapack-Gladstone Bank. GFMI’s innovative conference focused on competitiveness and innovation in middle market lending where attendees discussed the best strategies for leveraged lending in the middle market and left with a better understanding of how to solve the problems they are facing in the current financial market.
Mr. Brocker opened and closed each daily session with a personal address to all attendees adding insight on how to comply and innovate their leveraged lending to increase profitability in a competitive, regulated environment. Acting as both Chair and panel moderator, he also led discussions focusing on how banks and non-bank lenders can work together in the middle market in addition to the impact of regulatory changes on the leveraged lending business.
At Peapack-Gladstone Bank, Patrick Brocker is responsible for establishing cash flow leveraged finance and asset-based lending product capabilities. These products play a critical role in wealth creation, preservation, diversification and succession strategies for many private banking clients and prospects who own businesses by facilitating the purchase, sale, rapid expansion or rehabilitation of businesses.
Pat has decades of experience building and managing middle market leveraged finance and asset-based lending businesses in regulated financial institutions, including originations, underwriting, relationship management, credit and loan workout. He has supported the creation of substantial wealth for clients along with decades of exceptional returns for his institutions. Mr. Brocker previously served as President of AmSouth Capital, a national leveraged lending and asset-based lending unit of AmSouth Bank; Senior Vice President, Northeast Marketing Manager of Fleet Capital; and Senior Vice President, Division Head of Specialized Finance at National Westminster Bank, USA. Pat holds a Bachelor of Science Degree in Business Administration with a Major in Accounting from Marquette University.
Peapack-Gladstone Bank prides itself in providing clients with unparalleled service, integrity and trust responding to specific needs with proactive advice and solutions.
Peapack-Gladstone Bank Recognized for Service by America’s Grow-a-Row in Helping to Feed the Poor
Posted January 4, 2018
Throughout the years, Peapack-Gladstone Bank’s corporate philanthropy programs, partnerships with local organizations, volunteer engagement and community service and support have made an impact in improving the lives of countless individuals in New Jersey. With the state’s hunger crisis affecting 12% of residents and one in five children, the Bank has directed its efforts in providing support to America’s Grow-a-Row (AGAR) based in Pittstown, New Jersey.
During the month of November at the organization’s 8th Annual Thanks for Giving Barn Dinner, Peapack-Gladstone Bank was presented with America’s Grow-a-Row’s “Good Investment” award for consistent support throughout the years in planting and harvesting at every opportunity and bringing extra awareness of AGAR’s efforts to feed those suffering from food insecurity. By delivering healthy produce to New Jersey food banks and countless financially deprived individuals and offering healthy alternatives to their daily staples, America’s Grow-a-Row has made an impact in alleviating food insecurity within the Garden State while protecting low-income individuals from chronic diseases.
Peapack-Gladstone Bank was highlighted in comparison to other institutions for their dedication, hands-on efforts and monetary donation to support America’s Grow-a-Row’s mission to positively impact as many lives as possible through employee volunteerism in planting, harvesting, rescuing and delivering free fresh produce to New Jersey’s residents in need.
Peapack-Gladstone Bank is committed to making a real, tangible difference in the lives of New Jersey’s residents and understands the importance of contributing toward society and improving lives.
Peapack-Gladstone Bank Announces Appointment of David Santom, Senior Vice President, Head of Asset Management, Peapack Capital
Posted January 4, 2018
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to introduce a new member of the team of private bankers at Peapack Capital, a subsidiary of the Bank, which focuses on equipment finance and leasing. Based out of Marlborough, Massachusetts, David Santom, Senior Vice President, Head of Asset Management at Peapack Capital is now responsible for all aspects of the Asset Management function at Peapack Capital including equipment valuations and reviews, portfolio analyses, end of lease negotiations, equipment inspections and dispositions.
With over 33 years of experience in the equipment finance industry, Mr. Santom’s knowledge and experience are invaluable to the institution. He most recently served as Director of Equipment Management at Santander Equipment Finance, as well as at CIT Capital Equipment Finance, where he was responsible for all asset management functions of the business units. Prior to that, Mr. Santom served as Vice President of Northeast Operations at Asset Control Services, Inc., a provider of equipment appraisals, equipment inspections, and remarketing services to the equipment finance industry. Additionally, as Vice President at John Hancock Leasing Corporation, David managed a full spectrum of leasing acquisitions and financings, with transaction sizes ranging from $500,000 to $20 million. He started his equipment finance career with American Finance Group, an independent lessor in Boston, Massachusetts.
A resident of Westborough, Massachusetts, Mr. Santom earned a Bachelor of Science Degree in Civil Engineering from the University of Pennsylvania and an MBA in Finance from Boston College, Wallace E. Carroll Graduate School of Management where he was the recipient of the annual MBA Alumni Award. He is a member of the Equipment Leasing and Finance Association (ELFA).
Doug Kennedy Makes Television Debut on CNBC and Rings the Nasdaq Stock Market Closing Bell Monday, December 18, 2017
Posted December 15, 2017
Doug Kennedy, President & CEO of Peapack-Gladstone Bank, will make his television debut on Monday, December 18, when he appears on CNBC's Squawk Box. "Squawk Box" is the ultimate "pre-market" morning television news and talk program, where the biggest names in business and politics tell their most important stories. Anchored by Joe Kernen, Becky Quick and Andrew Ross Sorkin, the show brings Wall Street to Main Street. It's a "must see" for everyone from the professional trader to the casual investor. Doug will be LIVE On-Air at the CNBC studios in Times Square, NY, during the 8:40 a.m. segment where he will interact with the hosts, tell the Peapack-Gladstone Bank story and discuss the state of regional banking.
Later that same day, Monday, December 18, the Peapack-Gladstone Financial Corporation Board of Directors, and executive leaders from the Bank, will participate in the NASDAQ Closing Bell Ceremony in Times Square, NY! This is the second time the Bank has participated in this ceremony in the past 5 years. Watch in real time from 3:45 p.m. - 4:00 p.m. via the NASDAQ web cam at: https://new.livestream.com/nasdaq/live
Peapack-Gladstone Bank Announces Appointment of Christian Gaudioso, Senior Vice President, Senior Credit Underwriter at Peapack-Gladstone Bank
Posted November 28, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the appointment of Christian Gaudioso, Senior Vice President, Senior Credit Underwriter at Peapack-Gladstone Bank. Mr. Gaudioso is now part of the private banking team responsible for the structuring, underwriting and ongoing monitoring of Commercial & Industrial (C&I) loans in the mid-upper middle market, while providing the Bank’s exclusive one-touch private banking experience.
Mr. Gaudioso is a seasoned underwriter bringing to the bank 26 years of financial services experience. Previously, he held positions as senior underwriter; senior vice president, underwriting manager; and director of credit policy at Capital One Bank. Prior to that he served as senior underwriter and relationship manager at Bank of New York in Paterson, New Jersey and as senior underwriter at Bank of America.
Mr. Gaudioso holds a Bachelor of Science Degree in Finance and Accounting from the University of Tampa and holds Credit Risk Certification from the Risk Management Association (RMA). A resident of Randolph, New Jersey, Christian is a religious education instructor at St. Matthews the Apostle Parish and has been an active marathon fundraiser for various charities for the last 15 years.
Peapack-Gladstone Bank Employee Named as 2017 New Leader in Banking
Posted November 28, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce that Peapack-Gladstone Bank employee, Jacqueline Reyes, CAMS, Vice President, BSA/AML/OFAC Officer has been named by the NJBankers Association and New Jersey Banker magazine into their 2017 Class of New Leaders in Banking. Ms. Reyes is a financial services professional with 16 years of experience in the industry. Since 2012, she has served as a member of the Bank’s Compliance team responsible for developing, implementing and administering all aspects of the Bank Secrecy Act Compliance Program. Jacqueline holds a Certified Anti-Money Laundering Specialist (CAMS) certification and is a member of the NJBankers Association and Association of Certified Anti-Money Laundering Specialists (ACAMS), the largest international membership organization dedicated to enhancing the knowledge, skills and expertise of AML/CTF and financial crime detection and prevention professionals.
New Leaders in Banking nominees were reviewed by a panel of judges. The final 15 recipients will be recognized at a special awards dinner on December 7 at the Ocean Place Resort & Spa in Long Branch, New Jersey and highlighted in a special section of New Jersey Banker magazine.
Peapack-Gladstone Bank is committed to employee advancement and training with an emphasis on the career development of its employees and their success as future leaders in the financial services industry.
Peapack-Gladstone Bank Announces New Employees
Posted November 8, 2017
Karen Alvarado has joined Peapack-Gladstone Bank as vice president, senior wealth compliance officer. She is responsible for implementing and monitoring the compliance program for private wealth management, PGB Trust & Investments of Delaware and the Bank’s Registered Investment Advisor business. Karen brings to the Bank 17 years of compliance and financial services experience previously serving as director, Global Investment Management Compliance Manager at U.S. Trust in New York, New York, spearheading the bank’s implementation of a Compliance program for the sales and supervision function for U.S. Trust along with their annual compliance risk assessment, test programs, test scripts and monitoring activities. Previously, she held key positions as chief compliance officer, UBS Trust Company, N.A., in Delaware and also director, Group Internal Audit, WM Americas, UBS AG, in Weehawken, New Jersey. Prior to that Ms. Alvarado was employed as assistant vice president in the Audit Divisions of Mizuho Corporate Bank, Ltd, Jersey City, New Jersey with a concentration on lease and trade finance and as staff auditor at J.P.Morgan Chase & Co. in New York, New York, where she focused on their credit card and mortgage business. Ms. Alvarado is fluent in Spanish and holds a Bachelor’s Degree in Finance from St. John’s University.
Sam Naseem of Flemington, New Jersey joins Peapack-Gladstone Bank as assistant cashier, assistant branch manager at the Bank’s Pluckemin location, bringing to the Bank 13 years of experience in the financial services industry. Mr. Naseem is responsible for the supervision and management of bank team members while also insuring compliance with audit and operational regulations and guidelines. Prior to Peapack-Gladstone Bank, Mr. Naseem was employed at Sun National Bank, Wells Fargo Bank, Citibank Egypt, and Commercial Bank of Dubai in the United Arab Emirates. He holds a Bachelor’s Degree in Liberal Arts from Banha University, Egypt and is fluent in Arabic.
Anna Calles , a resident of Bedminster, New Jersey, joins Peapack-Gladstone Bank as vice president, retail private banker at the Bank’s Bridgewater location. She is responsible for overall branch sales development including growth and management of consumer business account relationships. Ms. Calles brings to the Bank over 11 years of experience in the financial services arena previously serving as assistant branch manager at Affinity Federal Credit Union in Basking Ridge, New Jersey. Prior to that she served in client support capacities at Valley National Bank and Somerset Savings Bank. Anna is fluent in Spanish and holds an Associate Degree in Business Liberal Arts from Raritan Valley Community College. She is presently pursuing a Bachelor’s Degree in Accounting from Penn State University. Ms. Calles is involved in local volunteer community activities to protect the environment and in the rescue of dogs from high-kill shelters.
Thomas W. Myers , Managing Director, Wealth Advisor, has joined the team of private bankers at Murphy Capital Management, Inc., a subsidiary of Peapack-Gladstone Bank. He is responsible for business development and provision of the Bank’s personalized money management services and advice to high-net-worth families, individuals and not-for-profit entities. Thomas brings to the Bank more than 25 years of experience in the financial services industry previously serving as regional vice president at Fisher Investments in Morristown, New Jersey. Prior to that he served as a wealth advisor at USAA; vice president, senior account executive at Fidelity Investments; manager, training delivery at TD Ameritrade; vice president, branch manager at Charles Schwab; and as a financial consultant at Merrill Lynch in Washington, D.C.
Mr. Myers is a U.S. Army veteran and holds Certified Financial Planner™ designation. A resident of Morristown, New Jersey and graduate of the College of William & Mary with a Bachelor of Arts Degree in Government, Thomas is an active volunteer in youth sports and Scouting.
Posted November 8, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank were proud to host the first in a series of presentations held at their Corporate Headquarters in Bedminster, New Jersey. On September 26, 2017 the Bank welcomed Bernie Tenenbaum, Managing Partner of Lodestone Global, who addressed the audience on “Building a High Performance Board of Directors.” A regular contributor to Forbes Magazine, Bernie writes a column on Boards, strategy and performance. Bernie has personally been a member of or assembled more than 50 Boards of Directors across public, private and nonprofit organizations, with a concentration on family and closely-held businesses. Through his selective consulting practice which focuses on business strategy with an emphasis on building high performance boards, he provides strategic guidance to organizations focusing on competitive strategies and organizational dynamics.
This well-attended event was the first in a series of interactive guest lectures provided by Peapack-Gladstone Bank to provide individuals with knowledge applicable to their business, career and life. Eric Waser, Executive Vice President, Head of Commercial Banking states, “We have a strong commitment to providing sound advice which includes the offering of a variety of empowering lecture programs, connecting professionals to network and learn. The Bank will continue to educate the public and its clients through future presentations in their Speaker Series.”
Peapack-Gladstone Financial Corporation Acquires Quadrant Capital Management
Posted November 1, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), parent company of Peapack-Gladstone Bank is pleased to announce that it has completed the acquisition of Fairfield, NJ-based Quadrant Capital Management, LLC (“Quadrant”), effective November 1, 2017.
Founders Jeff Fisher and Jim Kearney will remain as Chairman and President, respectively, of the new Peapack-Gladstone Bank subsidiary - Quadrant Capital Management. Their entire team of accomplished employees will remain with Quadrant and join Peapack-Gladstone Bank’s growing wealth management organization.
“We are happy to have completed our second wealth management acquisition of 2017 and are anxious to begin working with the Quadrant team,” said John P. Babcock, President of Private Wealth Management at Peapack-Gladstone Bank. He continued, “Together, we are committed to helping our clients by providing advice-led solutions to help them manage their wealth and secure their legacies.”
With a combined market value of approximately $4.8 billion of client assets under management and administration at September 30, 2017, the private wealth management division of Peapack-Gladstone Bank is the largest New Jersey-headquartered, bank-owned trust company in the state. This is the third wealth management acquisition made by Peapack-Gladstone Financial Corporation since 2015.
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 Reports a Strong Third Quarter and Declares its Quarterly Cash Dividend
Posted October 27, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market:PGC) (the “Company”) reported record net income of $26.13 million and diluted earnings per share of $1.47 for the nine months ended September 30, 2017, compared to $19.17 million and $1.17, respectively, for the same nine month period last year, reflecting increases of $6.96 million, or 36 percent, and $0.30 per share, or 26 percent, respectively.
Peapack-Gladstone Bank Announces Appointment of Rich Johnston, Senior Vice President, Capital Markets, Peapack Capital
Posted October 18, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to introduce a new member of the team of private bankers of Peapack Capital, a subsidiary of the Bank, which focuses on equipment finance and leasing. Rich Johnston, Senior Vice President, Capital Markets at Peapack Capital is now responsible for indirect originations of leasing and asset finance transactions from bank lessors, independent lessors, finance companies and intermediaries in addition to all out-bound syndications.
Mr. Johnston has over 25 years of leasing and structured finance expertise in the origination of middle market and large-ticket asset finance transactions in the primary and secondary syndication markets and on a direct basis. He most recently served as Director of Syndications at Sumitomo-Mitsui Finance & Leasing, responsible for all indirect originations for the New York branch of a $40 billion global finance company, originating $108 million in new business volume in the past year. Prior to that as Senior Vice President, Citizens Asset Finance, he originated $700 million in new business volume. Mr. Johnston also served in Capital Market roles at, AIG Commercial Asset Finance and Siemens Financial Services, Inc. where he earned the President’s Club award for outstanding achievement on two occasions.
A resident of Mountainside, New Jersey, Mr. Johnston earned his Bachelor of Science in Finance from Fairfield University in Fairfield, Connecticut and Masters of Business Administration in Finance from Fordham University, New York, New York.
Jeffrey J. Carfora, SEVP and Chief Financial Officer at Peapack-Gladstone Bank Named Public Company CFO of the Year 2017 by NJBIZ
Posted October 17, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), the holding company for Peapack-Gladstone Bank, is proud to announce that Jeffrey J. Carfora, Senior Executive Vice President and Chief Financial Officer at Peapack-Gladstone Bank has been named Public Company CFO of the Year 2017 by NJBIZ.
Over his eight-year tenure at Peapack-Gladstone Bank, Jeff Carfora has come to be considered one of the Company’s key leaders. Recognized as a thoughtful individual and comfortable in every type of work situation, his knowledge in accounting is only surpassed by his skills as a great human being and solid leader. Jeff credits career advice he received from an audit manager at PricewaterhouseCoopers where he began his career out of college.
“That advice was to always treat people as you would want to be treated – with respect and consideration,” said Carfora.
As CFO, Jeff has orchestrated two successful secondary capital raises totaling $92 million in aggregate. This is in addition to a $50 million subordinated-debt issue in 2016, which received an investment grade. The capital raised has helped facilitate considerable growth in profitability and returns for shareholders.
Always looking to improve bottom line performance, Jeff does so in a thoughtful and deliberate way, consciously considering employee impact. He is a well-respected leader and is a consummate professional. A mentor to many at the Company, he is always willing to teach others and encourage them to express their thoughts and opinions in every discussion.
“We are truly honored to have a leader like Jeff Carfora on our team,” stated Doug Kennedy, President and Chief Executive Officer of Peapack-Gladstone Bank, “He shows his deep commitment each day by serving the needs of our organization.” He continued, “The CFO is often an unsung hero. We are thrilled that NJBIZ has taken the time to recognize Jeff on his outstanding accomplishments, and has highlighted the important role that a CFO plays in an organizations success.”
Winners were selected by an independent panel of judges from a large and highly competitive pool of individuals. Judging was based on a point system that rated the nominees in three areas: career achievements, impact of nominee’s contributions and leadership in outer areas of management.
Peapack-Gladstone Financial Corporation Named to the 2017 Sm-All Stars by Sandler O’Neill + Partners
Posted September 25, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), the holding company for Peapack-Gladstone Bank, is proud to announce that it has been named a member of the Sandler O’Neill Sm-All Stars Class of 2017. This is the third year since 2014 that PGC has been named a member of this select class. The 29 banks and thrifts that comprise the 2017 Sm-All Stars list were selected amongst over 400 publicly traded banks and thrifts with a market cap of less than $2.5 billion. The 29 selected exhibited outstanding performance metrics based on growth, profitability, credit quality and capital strength.
“It is an honor to be selected as part of this group for the third time in the past five years,” stated Doug Kennedy, President and Chief Executive Officer, “Achievements like this reflect the execution of our strategic plan, “Expanding Our Reach”, and speak volumes about the talent and dedication of our team. In a short period of time, Peapack-Gladstone Bank has become the preferred private banking service provider in New Jersey and the greater New York area.”
Peapack-Gladstone Financial Corporation to Acquire Quadrant Capital Management, LLC.
Posted September 14, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), parent company of Peapack-Gladstone Bank (the “Bank”), announced today that it has entered into an agreement to acquire Fairfield NJ-based Quadrant Capital Management, LLC (“Quadrant”). After up front transaction costs, the Company anticipates that the purchase will be immediately accretive to earnings. The transaction is expected to close in the fourth quarter of 2017.
Established in 2001 by Jeff Fisher and Jim Kearney, both formerly of JP Morgan, Quadrant is a boutique wealth management firm that offers sophisticated financial planning, investment, tax, retirement and insurance advice and services to its clients. The institution currently has over $400 million in client assets under management.
“Quadrant and Peapack-Gladstone Bank are both committed to helping clients manage their wealth, plan for the future, navigate risk and provide for future generations,” said John P. Babcock, President of Private Wealth Management at Peapack-Gladstone Bank. He continued, “Quadrant has a high-quality team of professionals with a deep understanding of the investment management and financial planning processes. Fundamentally our philosophies are the same, and we are excited to be able to attract this team of professionals to be part of the Peapack-Gladstone Bank’s growing wealth management organization.”
“We are delighted to join forces with Peapack-Gladstone Bank. This combination enhances Quadrant’s ability to meet client needs through access to trust and banking services, while assuring our clients of long term continuity in the management of their financial affairs,” said both Jeff Fisher and Jim Kearney from Quadrant.
The private wealth management division of Peapack-Gladstone Bank is one of the largest trust company and asset managers in New Jersey, with a current market value of approximately $4.7 billion of assets under management and administration at August 31, 2017. Geographically, the Quadrant transaction offers an ideal location to complement the Bank’s wealth management presence in NJ. Along with the July 31, 2017 acquisition of Murphy Capital Management, this acquisition supports the Bank’s overall wealth management growth strategy.
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 Bank Announces Promotions and New Hires
Posted August 21, 2017
Molly Hernandez Avellan has been promoted to Assistant Vice President, Private Banking Sales Support Officer II, Corporate Development at Peapack-Gladstone Bank. She provides high touch, white-glove service interfacing with the Bank’s Private Bankers in providing for Private Banking Clients’ personal and customized financial needs.
Previously, Molly served as Universal Banker at the Bank’s Gladstone location; Marketing and Sustainability Coordinator and Program Outreach at Donnelly Industries in Wayne, New Jersey; and prior to that as Archiving Operations Coordinator at Crum & Forester in Morristown, New Jersey. Molly’s background and expertise in servicing corporations and clients has proved invaluable in providing hands-on client support and the ultimate Peapack-Gladstone Experience.
Molly received her Associate of Arts from Raritan Valley Community College with a concentration in Communications, Environmental Studies and Sustainable Design. She has volunteered for Puppies Behind Bars at the Clinton Women’s Prison working directly with inmates on canine care for service and law enforcement dogs and Heartworks, a 501(c)(3) in Bernardsville, providing acts of kindness for local residents in need. Additionally, Molly has spearheaded several community fundraising campaigns, raising funds for various groups in need, from patients receiving cancer treatment to supporting a local family in the rebuilding of their home following a fire.
Audrey E. Gunter has been promoted to Vice President, Senior Loan Administrator with Peapack-Gladstone Bank. In her new role, Audrey will assist bankers in preparation for closing Commercial Real Estate Loans, Revolving Lines of Credit, Letters of Credit and Term Loans, including participated and syndicated credit. With more than 32-years of experience in banking, including substantial financial and customer service experience with Bank of America, she will collaborate with bankers, customers and legal counsel to establish and obtain the documentation and information needed to administer loans. A resident of Hillsborough, NJ, Audrey holds a Bachelor of Science Degree and an Associate of Arts Degree from Mercy College, Dobbs Ferry, NY, and a School of Banking Certificate from American Institute of Banking New York, NY.
James Lucarelli has been promoted to Vice President, Community Banking Officer at Peapack-Gladstone Bank operating out of the Bank’s Teaneck location. James has 14 years of financial services, previously serving as Commercial Underwriter Data Quality Control Officer at Capital One in New York City and as Credit Analyst at Fleet Bank/Bank of America. Mr. Lucarelli is a graduate of Boston College with a Bachelor’s Degree in Economics. He participates as a volunteer with the Special Olympics.
Brian P. Murphy has been promoted to Assistant Vice President at Peapack-Gladstone Bank, responsible for analyzing client and prospective client banking activity, and preparing competitive pricing. Brian is responsible for managing the implementation and on-boarding of new clients into the Bank’s treasury management solutions, as well as managing new product implementation and beta testing. Prior to joining Peapack-Gladstone Bank, Brian worked in retail banking at TD Bank in Mercer County. A resident of Hillsborough, NJ, he holds a Bachelor of Science in Business Administration, with a concentration in Finance from Rider University, and is a regular volunteer with Habitat for Humanity and Special Olympics of NJ.
Heather Rae Stafford has been promoted to Assistant Vice President, Private Banking Sales Support Officer II, Corporate Development at Peapack-Gladstone Bank. She provides high touch, white-glove service interfacing with the Bank’s Private Bankers in providing for private banking clients’ personal and customized financial needs.
Previously, she served as Account Manager and Creative Recruiter for The Creative Group (TCG), the marketing and creative staffing division of Robert Half located in Woodbridge, New Jersey and prior to that as Public Relations and Social Media Coordinator for the collegiate clothing company, E5 USA, Inc.
Ms. Stafford holds a B.A. in Communication cum laude from Monmouth University with a Major in Public Relations/Journalism and minor in Health Studies. While at Monmouth University she served as vice president of the Public Relations Student Society of America Chapter and their public relations firm, Shadow PR and raised over $5,000 as campaign coordinator for the American Cancer Society Relay for Life.
On behalf of the Alzheimer’s Association, Ms. Stafford has volunteered as team captain for the Walk to End ALZ held annually in Point Pleasant, New Jersey and now serves as Recruitment Chair on the Walk Committee for Alzheimer’s New Jersey. Since 2012, Heather’s team has raised over $10,000 to support the cause.
Andrew Thoelen has been promoted to Assistant Cashier and Know Your Customer (KYC) Analyst at Peapack-Gladstone Bank. Andrew has been with the Bank since 2008, working in the retail branch network. He is now responsible for reviewing all new Commercial & Industrial, Commercial Real Estate, Community Banking and Private Banking relationships to ensure that compliance standards have been met prior to onboarding new clients. He is a graduate of Mt. Olive High School and attended Fairleigh Dickinson University, where he studied business management.
Derek Waldner has been promoted to Assistant Cashier, Credit Analyst at Peapack-Gladstone Bank. He is responsible for analyzing business financial statements, performing annual and quarterly reviews of existing commercial clients and performing credit due diligence on existing and prospective clients. A resident of Summit, NJ, he holds a Bachelor’s Degree in Business Administration with a concentration in Finance from Seton Hall University, a certificate of completion from the RMA Commercial School of Lending and a certificate in Management Information Systems.
Linda M. Walz joins the Bank as Managing Director, Treasury Management Senior Analyst. Partnering with the Bank’s Private Bankers, she works with a team of Treasury Management specialists to understand the client and analyze the relationship to offer the very best in treasury management solutions.
Ms. Walz has over 30 years of financial services experience, with a focus on treasury management sales, previously serving as Vice President, Treasury Sales at Capital One Bank where she was a trusted advisor responsible for the sale of treasury solutions to middle-market, real estate and government clients in New Jersey, Pennsylvania and Boston. Prior to that Linda was Vice President, Treasury Sales at TD Bank and Bank of New York, also offering treasury solutions to middle-market, real estate and not-for-profit clients located in Manhattan and the Bronx. Cash Management sales positions with National Bank of Canada, Wells Fargo and NatWest/Fleet rounds out her comprehensive, professional experience.
Linda holds a Bachelor of Arts Degree from William Paterson University with a Major in Business and Economics. She also holds the CTP designation from the Association of Financial Professionals and is a supporter and volunteer at St. Paul’s Church in Ramsey, New Jersey.
Peapack-Gladstone Financial Corporation Announces Appointment of a New Director
Posted August 18, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announces the appointment of Carmen M. Bowser to the Board of Directors of the Company and of Peapack-Gladstone Bank, effective September 28, 2017. Ms. Bowser most recently served as Managing Vice President, Commercial Real Estate Division, at Capital One Bank, N.A., New York, NY, where she was responsible for a geographically dispersed 100-person team which provided the “first line of defense” for new loan originations and asset management.
Prior to joining Capital One, Ms. Bowser was a Principal/Managing Director for Prudential Mortgage Capital Company, where she led the commercial mortgage origination teams in McLean, Virginia, Boston, Massachusetts and New York City, overseeing annual team loan production of approximately $800 million across an expansive platform of FNMA, General Account, conduit, bridge, interim and mezzanine loans. She has held similar positions at Teachers Insurance and Annuity Association, NY, Arbor National Commercial Corp, Los Angeles, CA, and The Prudential Insurance Company of America, LA, NY and Newark, NJ.
“We are thrilled to welcome Carmen to our Board of Directors and our team of experts,” stated Doug Kennedy, President and Chief Executive Officer at Peapack-Gladstone Bank. “Her experience in the commercial real estate space, which extends beyond the New Jersey metro market, complements our strategy, and will provide us the insight we need to continue to grow.”
A resident of New York and graduate of William Smith College with an MBA in Finance from Rutgers Graduate School of Management, she is a National Association of Corporate Directors Fellow and a member of Women Corporate Directors, the Urban Land Institute and WX, Inc., an organization for executive women in commercial real estate. Ms. Bowser is an Independent Board Member and Member of the Audit and Nominating and Governance Committees for Columbia Property Trust, Atlanta, GA, and is a Board Member for the 42nd Street Development Corporation, NYC.
Peapack-Gladstone Financial Corporation Acquires Murphy Capital Management, Inc.
Posted August 1, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), parent company of Peapack-Gladstone Bank is pleased to announce that it has completed the acquisition of Gladstone, NJ-based, Murphy Capital Management, Inc. (MCM), a SEC Registered Investment Adviser, effective August 1, 2017.
John J. Murphy, founder of MCM, will continue as President of Murphy Capital Management, a subsidiary of Peapack-Gladstone Bank. Senior portfolio managers Peter J. Lewis, Joe W. Kwok and Cameron S. Murphy, will continue in their current roles at MCM as Senior Managing Directors.
“We are happy to have found a like-minded organization, with experienced and talented employees, that fits well into our wealth management business model,” said John Babcock, President of Private Wealth Management at Peapack-Gladstone Bank. He continued, “John and his team have built a wealth management firm with an excellent reputation and a longstanding vision of providing highly personalized money management service and advice to high net worth families, individuals and not-for profit entities. Uniting our firms allows us to continue offering best in class service, advice and solutions to our combined clients."
With a combined market value of approximately $4.7 billion of client assets under management and administration, and offices in Bedminster, Gladstone, Morristown, Princeton and Teaneck, as well as a trust office in Greenville, Delaware, the private wealth management division of Peapack-Gladstone Bank is the largest New Jersey-headquartered, bank-owned trust company in the state. This is the second wealth management acquisition made by Peapack-Gladstone Financial Corporation since 2015.
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.
Lawrence Levine is promoted to Senior Vice President, Director of Client Experience
Posted July 31, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the promotion of Lawrence (Larry) Levine to Senior Vice President, Director of Client Experience, at Peapack-Gladstone Bank. Mr. Levine joined Peapack-Gladstone Bank in 2015 and plays a key role in capturing and analyzing client feedback and in finding ways to continually enhance the Bank’s delivery of an exceptional client experience. Mr. Levine also has management responsibility for the Bank’s Client Contact Center.
Prior to joining Peapack-Gladstone Bank, Mr. Levine spent more than 25 years at Citigroup, J.P. Morgan Chase, Deutsche Bank, and NatWest Bank, where he was responsible for building and directing client services, support services, and operations organizations. At Citigroup, he was the managing director and head of U.S. Client Services for Citi Private Bank and the Head of North America Implementation Services within the Global Transaction Services Group. At J.P. Morgan Chase, Larry was the head of both Client Services and Implementation Services for a major component of the large corporate segment within treasury services. At NatWest, he headed the U.S. Service Management Company that supported the International Private Banking business; and at Bankers Trust/Deutsche Bank, he developed a Business Analyst Team that supported the Global Securities Services Group.
Through each assignment, Mr. Levine’s focus has 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.
Mr. Levine 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 he 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. In March 2017, Larry was appointed to the Rutgers Customer Experience Advisory Board at the Rutgers Center for Innovation Education. Mr. Levine received both his M.B.A. in Finance and B.A. in Economics from Syracuse University.
Peapack-Gladstone Financial Corporation Reports a Strong Second Quarter and Declares its Quarterly Cash Dividend
Posted July 31, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market:PGC) (the “Company”) reported record net income of $15.92 million and diluted earnings per share of $0.91 for the six months ended June 30, 2017, compared to $12.05 million and $0.74, respectively, for the same six month period last year, reflecting increases of $3.87 million, or 32 percent, and $0.17 per share, or 23 percent, respectively.
For the quarter ended June 30, 2017, the Company recorded net income of $7.94 million and diluted earnings per share of $0.45, compared to $6.56 million and $0.40 for the same three month period last year, reflecting increases of $1.38 million, or 21 percent, and $0.05 per share, or 13 percent, respectively.
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AICPA Honors Gregory D. Sawicki, CFP®, PFS, Managing Director at Wealth Management Consultants, a Division of Peapack-Gladstone Bank with Standing Ovation Honor
Posted July 19, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce that Gregory D. Sawicki, CFP®, PFS, Managing Director at Wealth Management Consultants, a Division of Peapack-Gladstone Bank, has been recognized with Standing Ovation Honors by the American Institute of Certified Public Accountants (AICPA) for his outstanding contributions to personal finance.
“My goal in servicing our clients has always been to provide exemplary, objective financial and tax advice. It is an honor to be recognized by the personal Financial Planning division of the AICPA as a future leader in the industry,” said Gregory Sawicki, Peapack-Gladstone Bank’s AICPA honoree.
Mr. Sawicki was recognized at the second Annual Standing Ovation ceremony held on June 13, 2017 in Las Vegas which honored 16 CPAs under the age of 40 for their valuable contributions to the profession, having met all program requirements which included being an AICPA member in good standing, holding the Personal Finance Specialist (PFS) credential, and maintaining an active CPA license. Each of these young AICPA members has excelled in providing the best client experience in the financial services arena. Contributions made by Standing Ovation honorees have made a significant difference in the industry and in their communities.
Peapack-Gladstone Bank Announces Appointment of Robert P. Konopka, Jr., Senior Managing Director, Private Banker
Posted July 19, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the appointment of Robert P. Konopka, Jr., Senior Managing Director, Private Banker at Peapack-Gladstone Bank. Robert is now a part of the Private Banking team focusing on the development and growth of the New York City market while providing the Bank’s exclusive one-touch private banking experience.
Mr. Konopka is a seasoned advisor and portfolio management executive with a proven track record, specializing in developing and managing relationships with high-net-worth individuals and businesses. He served as vice president, private banker at TD Wealth and BNY Mellon Wealth Management, New York, New York where he was a relationship manager in private banking and lending in the Tri-State area. In 2013 Mr. Konopka ranked #1 nationally for both deposit growth, number of new accounts and assets, and he was designated as top referrer of new investment management relationships. At The Bank of New York he was previously responsible for managing all financial activities for the largest branch in the retail network.
Mr. Konopka holds a Bachelor of Arts in Economics from Manhattanville College in Purchase, New York with a minor in Political Science. He holds FINRA Series 7 and 63 Licenses and completed Jon A. Stroble Credit Training. A resident of Rye, New York, Robert is an active member of the Resurrection Church.
Peapack-Gladstone Bank Employees Graduate as New Jersey Bankers Association Emerging Leaders
Posted June 27, 2017
Peapack-Gladstone Bank employees, Kate Sant’Angelo, Vice President, Retail Private Banker, and Matthew Kelly, Assistant Cashier, Electronic Banking Manager, have graduated from the inaugural class of students who completed the New Jersey Bankers Association Emerging Leaders program. This nine-month learning curriculum of online and full-day development, management and banking programs is designed to advance promising financial professionals in their future banking careers. Graduating students were recognized at the May 24 NJBankers Leadership Academy ceremony held at the APA Hotel in Woodbridge, New Jersey, along with mentors and officers from their respective financial institutions. The NJBankers Leadership Academy provides the tools for future leaders in the banking industry to succeed in their careers, support their financial institutions, and advocate for the banking industry.
“The NJBankers Emerging Leaders Leadership Academy provided an excellent opportunity to grow my skills as a leader and manager. The instruction received in the course has allowed me to identify my strengths, improve on my weaknesses and has equipped me with the tools I need to serve as a leader in the banking Industry,” said Matthew Kelly, Peapack-Gladstone Bank program graduate. Kate Sant’Angelo also felt the NJBankers Emerging Leaders program was an amazing experience. “It provided me with tools and resources to continue to effectively develop my team,” she said. “The diverse group of leaders in the program gave insight into all areas of banking and how they work together throughout all parts of the industry. It was an honor to be selected to be a part of the first program.”
Peapack-Gladstone Bank is committed to employee advancement and training with an emphasis on the career development of its employees and their success as future leaders in the financial services industry.
Peapack-Gladstone Bank and IVI-RMA Global Announce a New Relationship
Posted May 30, 2017
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank have announced their partnership with Reproductive Medicine Associates of New Jersey (RMANJ) located in Basking Ridge, New Jersey, and its affiliate, Instituto Valenciano de Infertilidad (IVI) who have recently merged as IVI-RMA Global, to provide funding to support the organization’s extensive expansion projects in New Jersey and throughout the U.S. As the primary financial institution for the organization, the Bank will provide comprehensive advice and support to assist in IVI-RMA Global’s continued growth in the U.S.
Since 1999, RMANJ is recognized as one of the largest and most successful IVF programs in the U.S. They have grown their new patient database over 70% in the last five years bringing more than 40,000 babies to loving families. IVI-RMA Global is committed to providing fertility solutions to offer the best chance of success in the shortest time possible; and with their upcoming expansion projects in New Jersey and throughout the U.S., they will become one of the largest and most successful global fertility networks.
“Peapack-Gladstone Bank is thrilled to partner with RMANJ, a world-renowned leader in the field of infertility,” says Lisa Gallo-Conklin, Managing Director, Commercial Private Banking at Peapack-Gladstone Bank. “RMANJ presently has 10 medical facilities, with exciting initiatives to expand its presence throughout the U.S. Financial support of the company’s growth plans, together with the opportunity to offer unparalleled client service and advice to its partners, physicians and employees, is the ultimate banking relationship.” Richard T. Scott, MD of RMANJ states, “We were extremely impressed with the thoughtful, creative and responsive approach of Peapack-Gladstone Bank. They understand our business and are providing terrific ideas and value that will allow us to grow and prosper.”
Through the financial support of IVI-RMA Global’s expansion initiative, Peapack-Gladstone Bank looks forward to providing it’s high-touch, private banking experience to support the company’s initiative in providing unprecedented patient care and positive results in the field of reproductive medicine.
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.
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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.”
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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.
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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.
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.
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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.
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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.