Peapack-Gladstone Financial Corporation Reports Second Quarter Results, Quarterly Cash Dividend and Stock Repurchase Program
Posted July 26, 2019
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) announces its second quarter 2019 results, a quarterly dividend, and a stock repurchase program.
The Company recorded total revenue of $84.03 million, pretax income of $30.89 million, net income of $22.98 million and diluted earnings per share of $1.18 for the six months ended June 30, 2019, compared to $79.59 million, $29.76 million, $22.72 million and $1.20, respectively, for the six months ended June 30, 2018, reflecting increases of 6% in revenue and 4% in pretax income, but only 1% in net income, due to the increase in the effective tax rate in 2019. The Company’s 2019 six-month period included increases in net interest income and non-interest income of $4.44 million, partially offset by increased operating expenses of $3.61 million. The effective tax rate was 25.63% for 2019 compared to 23.68% for 2018; the increase was caused by changes in NJ State tax law.
Peapack-Gladstone Financial Corporation and Peapack-Gladstone Bank Receive Investment Grade Ratings from Moody’s Investors Service
Posted July 10, 2019
Peapack-Gladstone Financial Corporation (“the Company”) (NASDAQ Global Select Market: PGC) reported today that Moody’s Investors Service (“Moody’s”) has assigned first time ratings to both the Company and the Company’s banking subsidiary, Peapack-Gladstone Bank (“the Bank”). The Company and the Bank will both have an issuer rating of Baa3, which is investment grade. Additionally, the Bank was assigned a long and short-term deposit rating of A3/Prime-2, and a standalone baseline credit assessment of baa2. The outlook for both the Company and the Bank was reported as “stable.”
To establish the rating, Moody’s extensively reviewed the business fundamentals and financial conditions of the Company and the Bank, as well as the terms and conditions surrounding issuer and deposit ratings.
In assigning the investment grade ratings, Moody’s commented that they “reflect the Bank’s strong balance sheet, characterized by good asset quality, low reliance on confidence-sensitive market funding and high capitalization.” Moody’s further noted “the Bank and its lending businesses are overseen by seasoned and experienced professionals, with a proven track record.”
Commenting on the Moody’s action, President and CEO Douglas L. Kennedy said, “We are very pleased to have Moody’s provide this service for the benefit of our financial stakeholders. We appreciate their positive assessments of our disciplined approach to our business strategy and financial management, which has transformed our Company into a sound credit.”
View the full Moody’s report .
Peapack-Gladstone Financial Corporation also holds an investment grade credit rating from Kroll Bond Rating Agency (KBRA).
Peapack-Gladstone Financial Corporation to Acquire Point View Wealth Management
Read more in American Banker , July 8, 2019
Posted July 5, 2019
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 Summit, NJ-based Point View Wealth Management, Inc. (“Point View”), with assets under management of over $300 million. The Company anticipates the purchase will be immediately accretive to earnings. The transaction is expected to close in the third quarter of 2019, subject to the receipt of regulatory approval and other customary closing conditions.
Founded in 1993, Point View is an independent, fee-only registered investment advisor that provides customized portfolio management services and offers comprehensive financial planning tailored to clients’ unique circumstances. The members of the Point View team are experts in retirement and educational planning, tax minimization and estate planning strategies.
Peapack Private, the wealth management division of Peapack-Gladstone Bank, is one of the largest trust company and wealth managers in NJ, with a market value of approximately $6.3 billion of Assets Under Administration (AUA) at March 31, 2019. The Point View transaction will be the Bank’s fifth acquisition since 2015.
“Summit, and the surrounding area, is a great market where we already have a number of relationships with clients, professionals and not-for-profit organizations, as well as a retail branch location,” said John P. Babcock, President of Peapack Private Wealth Management. “Acquiring Point View allows us to expand our presence in this highly competitive and sought-after market with a high-quality organization and top-flight professionals that have deep and long-standing ties in this community. We’re thrilled to have Point View join our growing wealth management business.”
David Dietze, Founder and President of Point View commented, “We are extremely pleased to be joining Peapack Private. This is a natural transition for us and will allow us to continue to help our clients build wealth through our combined capabilities.”
Park Sutton Advisors LLC served as exclusive financial advisor to Peapack-Gladstone Bank on this transaction.
Peapack-Gladstone Bank Hires New Senior Managing Director, Commercial Private Banker
Posted June 12, 2019
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce the appointment of Jeffrey A. Glaush, Senior Managing Director, Commercial Private Banker. Working out of the Bank’s Princeton location, Jeffrey is responsible for providing high-touch customized solutions through personal client service in the Bank’s Commercial and Industrial (C&I) business while servicing commercial businesses in the Tri-State and Delaware Valley Region.
Mr. Glaush is a seasoned financial services professional with more than 25 years of experience in the industry. Prior to joining Peapack-Gladstone Bank, Jeffrey held the role of Vice President, Segment II Relationship Manager at Fulton Bank of New Jersey where he was responsible for business development, commercial loan origination and portfolio management in the middle and lower middle market commercial client base, building upon new and existing relationships. In 2018 he finished in the top percentile for loan commitments, deposits, revenue and fee income. Previously, he served as Vice President, Senior Business Banker at Capital One Bank and equally impressive roles at National Penn Bank, Unity Bank and Fleet Bank/Bank of America. Mr. Glaush’s proven track record of increasing sales in competitive markets through perseverance and development of long-term relationships will serve the Bank well as it continues to expand its reach.
Mr. Glaush holds a Bachelor of Science in Business Administration with minor in Finance from the University of Maryland University College. He is a member of the Risk Management Association (RMA), Association for Corporate Growth (ACG) and graduate of the Princeton Chamber of Commerce sponsored Disney Leadership Institute. Jeffrey proactively supports numerous nonprofit organizations including Junior Achievement and Habitat for Humanity.
Christopher Rozewski has been announced as one of Independent Banker’s 40 Under 40: Emerging Community Bank Leaders
Posted June 5, 2019
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce that Independent Banker , the flagship publication of Independent Community Bankers of America (ICBA), has named Christopher Rozewski, Vice President, Head of Data and Analytics at Peapack-Gladstone Bank, as one of its 40 Under 40: Emerging Community Bank Leaders. The first-annual, nomination-based award recognizes up-and-coming community bankers who demonstrate exceptional potential in leadership, innovation and community work.
“This group of young professionals should give all of us a sense of pride and optimism as we look to the future of America’s community banks,” said Matt Kusilek, publisher, Independent Banker. “Now more than ever, this industry sees the value of the energy and ideas of people like our emerging leaders, who believe in the importance of the community banking model. We’re really pleased to be able to highlight their accomplishments so far and look forward to what they’ll do next.”
At Peapack-Gladstone Bank, Chris leads CRM development, business process modernization, digital campaigns, enterprise reporting, data security and data governance. He co-founded the Cyber Security Working Group, a monthly technical/threat intelligence sharing call with five banks from New Jersey, Pennsylvania and Florida. Prior to joining Peapack-Gladstone Bank, Chris served as associate director of information technology user services at William Paterson University where he implemented enterprise wide technology solutions and pioneered a public online technology documentation repository for community use.
Chris earned his MBA from the Christos M. Cotsakos College of Business at William Paterson University and BA from Montclair State University. His collaborative spirit extends into the community, where he serves on the Rutgers University Big Data Advisory Board, contributing to Big Data curriculum and student impact; volunteers at the St. Hubert's Animal Welfare Center in Madison, N.J., creating social media content to match animals with new families; and helps build homes for low-income families with Habitat for Humanity. Chris is a Microsoft Certified IT Professional.
Winners will be featured in the June 2019 issue of Independent Banker, which will be showcased on the Independent Banker website and accessible via the digital issue of the magazine.
About Independent Banker
Independent Banker is the number-one source of community banking news for ICBA members. Published monthly, the magazine features best practices from experts, stories from community banks themselves, thought-provoking features and news of how ICBA is fighting for the industry on Capitol Hill. Learn more at independentbanker.org
The Independent Community Bankers of America®, the nation’s voice for community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org
Zuzana Harvis earns Project Management Professional (PMP)® Credential
Posted May 10, 2019
Zuzana Harvis, PMP, and Senior Business Process Manager at Lassus Wherley, a Subsidiary of Peapack-Gladstone Bank, has earned the Project Management Professional (PMP)® Credential from the PROJECT MANAGEMENT INSTITUTE (PMI)®. Zuzana joined Lassus Wherley in 1999, and is a member of PMI®, as well as PMI®-NJ. As a Senior Business Process Manager, Zuzana manages Lassus Wherley’s core operations systems and processes. In her 20-year career at Lassus Wherley, Zuzana has delivered numerous business process improvement projects, primarily in the areas of Investment Operations, CRM, Accounts Receivable, Client Communications, and Tax.
The PMP® certification is the most important industry-recognized certification for project managers. Earners of the globally-recognized Project Management Professional (PMP)® have demonstrated their extensive knowledge and mastery of project management concepts, tasks, and techniques that are applicable across virtually any industry and methodology. Earners are able to speak and understand the global language of project management. Individuals that earn this certification have demonstrated the knowledge and skills needed to initiate, plan, execute, monitor and control, and close a project. PMP® professionals also agree to meet ongoing continuing education requirements and to comply with the PMI’s Code of Ethics & Professional Conduct.
PROJECT MANAGEMENT INSTITUTE® is the world’s leading project management organization with over 500,000 Global Members and over 300 Local Chapters Internationally. It owns the certification marks PMP®, Project Management Professional® and Project Management Professional (PMP)® which it awards to individuals who successfully complete initial and ongoing certification requirements. PMI® currently authorizes more than 913,000 individuals to use these marks worldwide. For more about PMI, visit www.pmi.org.
Back to Top
Peapack-Gladstone Financial Corporation Reports First Quarter Results and Declares its quarterly Cash Dividend
Posted April 26, 2019
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) recorded net income of $11.43 million and diluted earnings per share of $0.58 for the quarter ended March 31, 2019, compared to $10.81 million and $0.57, respectively, for the quarter ended March 31, 2018, reflecting increases of $618,000, or 6%, and $0.01 per share, or 2%, respectively.
The increased net income in the 2019 quarter was driven by increased net interest income, increased wealth management fee income, and a reduced provision for loan losses, partially offset by increased operating expenses and a higher effective tax rate (due to significant changes to NJ State Tax law). Douglas L. Kennedy, President and CEO, said “Our Strategy continues to drive growth in our wealth management business, both organically and through acquisition. This business generally provides a more stable and predictable revenue stream over time than other sources of income.”
Peapack-Gladstone Bank Hires New Executive Vice President Deposit Solutions
Posted April 24, 2019
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce that Rick DeBel will join Peapack-Gladstone Bank effective May 6, 2019, to fill a newly created position as Executive Vice President Deposit Solutions. Rick’s responsibilities will include strengthening and expanding the Banks retail and commercial deposit efforts, and overseeing its retail, platinum, treasury and escrow services teams.
Rick joins the Bank from Wells Fargo where he held the position of regional vice president, responsible for building and growing the banks commercial business, which included credit, treasury, deposits and other ancillary services. Rick is a seasoned leader with more than 35 years in the industry where he has led teams at Bank of America/Fleet/Summit Bank. At Bank of America, Rick was the senior vice president and senior client manager, responsible for managing a team of product partners charged with growing revenue year-over-year for a client base of over $700 million in banking products.
“Rick is a proven leader for building and managing cross-functional teams,” said Doug Kennedy, President and Chief Executive Officer at Peapack-Gladstone Bank. “His approach to banking focuses on teamwork, dedication and commitment.”
A resident of Lincoln Park, New Jersey, Rick holds a Bachelor of Science Degree in Accounting from William Paterson College where he graduated Magna Cum Laude. He is the current chair of the Board of Trustees for the Christian Health Care Center in Wyckoff, NJ, and co-chair of its annual golf classic. He is also the chair of the Board of Trustees for the Tri-County Scholarship Fund, Parsippany, NJ, and a member of the Board of Trustees of the Netherlands Reformed Savings Fund.
Lassus Wherley Named a "2019 Best Places to Work for Financial Advisers" by InvestmentNews
Posted April 2, 2019
Lassus Wherley, a subsidiary of Peapack-Gladstone Bank, has been recognized as a 2019 Best Places to Work for Financial Advisers as announced by InvestmentNews this week.
Lassus Wherley was chosen as one of this year’s top-75 based on employer and employee surveys delving into everything from company culture, benefits, career paths and more.
“Helping our clients was only part of our dream when we became financial planners. We also knew that we wanted to work in an informal, fun atmosphere. We wanted an office environment that our staff and our clients would enjoy, yet would not interfere with the serious matters to be addressed.”- Diahann W. Lassus and Clare E. Wherley
InvestmentNews partnered with Best Companies Group, an independent research firm specializing in identifying great places to work, to compile the inaugural survey and recognition program. The list is a first of its kind for the financial advice industry.
“ InvestmentNews is pleased to recognize firms with supportive cultures where advisors can thrive and are empowered to provide their clients with the best possible investment and financial planning advice,” said Suzanne Siracuse, CEO/Publisher, InvestmentNews . “They are role models for other firms in the industry who are striving to improve their own human resource policies and practices.”
To learn more about the InvestmentNews 2019 75 Best Places to Work for Financial Advisers, please go to InvestmentNews.com/BestPlaces.
Disclosure : Neither rankings and/or recognition by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any designation or certification, should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Lassus Wherley is engaged, or continues to be engaged, to provide investment advisory services. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. No ranking or recognition should be construed as a current or past endorsement of Lassus Wherley by any of its clients. ANY QUESTIONS: Lassus Wherley’s Chief Compliance Officer remains available to address any questions regarding rankings and/or recognitions.
Peapack-Gladstone Bank Announces Appointment of Executive Vice President, Head of Commercial Banking
Posted April 1, 2019
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the hiring of Gregory M. Smith as Executive Vice President, Head of Commercial Banking, effective today. Greg takes ownership of Commercial and Industrial (C&I) Lending across the organization and continues the company’s focus on providing advice-led solutions to its large-level commercial clients.
Greg is a seasoned business banking professional who joins Peapack-Gladstone Bank from Capital One Bank where, for the last seven years, he served as the group sales executive for the Northeast and Mid-Atlantic regions, responsible for the $2 - $25 million business banking segment from Virginia to Massachusetts. During his more than 15 years with Capital One Bank, Greg held several senior-level strategic, sales and team leadership roles, where he was responsible for generating millions in new business, including both loan and deposit generation. Prior to Capital One Bank, Greg worked at Summit Bank for 15 years, moving up the ranks to senior regional vice president, responsible for directing a significant segment of the NJ market.
“I’ve known Greg for many years,” said Doug Kennedy, President and Chief Executive Officer at Peapack-Gladstone Bank. “He is a highly skilled leader with exceptional performance management and strategy expertise. He is a welcomed addition to the team as we continue to expand our commercial capabilities throughout metropolitan New York.”
A resident of Medford, New Jersey, Greg holds an MBA in Business Administration/ Finance from Rider University, where he graduated Suma Cum Laude, and a BS in Finance from Fairleigh Dickinson University, where he also graduated with distinction.
Peapack-Gladstone Bank Announces Strategic Designation of Investment Banking Business
Posted March 29, 2019
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the strategic decision to expand the Bank’s corporate advisory and structured finance business under a new Investment Banking division. Eric H. Waser will lead this new group as Executive Vice President and Head of Investment Banking, effective immediately.
Over the past year, the corporate advisory group at Peapack-Gladstone Bank has demonstrated significant forward momentum and has become an integral component of the Bank’s future. This business, along with the Bank’s leveraged lending/structured finance business, enables the Bank and its wealth division, Peapack Private, to truly play the role of trusted advisor to privately owned middle-market companies, and is better suited as a stand-alone division designated as Investment Banking, which allows for a more concentrated effort.
As the head of Investment Banking, Eric, former Head of Commercial Banking at Peapack-Gladstone Bank, will now lead the Company’s focus on providing independent, unbiased and objective advice to middle-market companies and their owners. This includes merger and acquisition advisory support, evaluation and assistance with accessing alternative capital markets, evaluation of strategic alternatives to maximize shareholder value, and customized structured finance based on asset-based and/or enterprise value.
“The opportunity to specifically focus our energy on the Investment Banking business is exciting,” commented Waser. He continued, “We’ve grown the team over the past year and feel this is the right time to connect the dots with our wealth brand, Peapack Private, and leverage this already successful business line to our high-end entrepreneurs and business owners.”
Kevin J. Bodnar, Senior Managing Director and Head of Corporate Advisory, and Patrick R. Brocker, Senior Managing Director and Head of Structured Finance, will lead this division with Eric, within their specialized areas, in complement to other disciplines within the Bank and Peapack Private. The team will formally assist with evaluating strategic alternatives for clients, assess debt capacity and appropriateness of debt and equity solutions, and evaluate alternatives to improve alignment of family and business objectives.
Bodnar is a seasoned financial executive with a proven track record in investment banking, private equity and commercial banking, with expertise in business development, strategic and financial advisory, transaction structuring, and executing mergers and acquisitions. He has executed over 75 middle-market transactions over the past 15 years across a variety of industries. He is Series 7, 63, 79 and 99 NASD licensed.
Brocker, a Peapack-Gladstone Bank employee since 2015, is responsible for on balance sheet cash flow, and asset-based and hybrid lending solutions for corporate and private equity sponsor transactions at the Bank. These include leveraged buyouts, management buyouts, dividend recapitalizations and bridge loans. He has more than 30 years of structuring creative financial solutions to help maximize the growth in enterprise value of corporate and private equity clients across all industries in the middle-market.
Back to Top
Peapack-Gladstone Bank Named CIANJ Champion of Good Works in Helping Veterans
Posted March 28, 2019
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 Works by the Commerce and Industry Association of New Jersey (CIANJ) at their seventh annual Companies that Care reception held on April 19 at Nania’s in the Park, Belleville, New Jersey. This gala, recognizing the kindness and generosity of the business community, was attended by more than 200 business executives including leading New Jersey manufacturers, retailers, hospitals, banks, colleges and universities. CIANJ’s Champions of Good Works were selected by a blue-ribbon panel of judges for their contributions to the betterment of New Jersey and its residents.
“These caring companies embody the Commerce and Industry Association of New Jersey’s mission to make the Garden State a better place to live, work and raise a family,” said Anthony Russo, President of CIANJ, a statewide business organization representing more than 900 corporate members from every industry sector.
Accepting the award for Peapack-Gladstone Bank in recognition of their efforts in “Helping Veterans” was Rosanne Schwab, Assistant Vice President, Public Relations and Corporate Communications Manager. During the past year, the Bank partnered with various local and national organizations in support of our nation’s veterans. In 2018 Peapack-Gladstone Bank employees walked and manned tables to support 80 homeless veterans residing at the Department of Veterans Affairs through participation in their Memorial Day VA2K Walk & Roll. Employees and clients at all Bank locations also provided monetary donations, in addition to clothing and tangible goods, to assist the veterans at the VA Lyons Campus. During the holidays, the Bank ran a clothing drive to support New Jersey homeless vets, and throughout the year collects toiletry donations for our military through Operation Shoebox and candy through Operation Gratitude. In partnership with Cell Phones for Soldiers, through collection drives and as a registered drop off location, Peapack-Gladstone Bank has collected in excess of 1,300 used devices. In turn, each donation is recycled or refurbished and turned into a 2.5 hour calling card for our soldiers to call home. Ms. Schwab stated, “By addressing the issues facing our veterans serving overseas and in the U.S., Peapack-Gladstone Bank has made an impact on the quality of life of those who have protected our freedoms.”
Peapack-Gladstone Financial Corporation Announces Appointment of Two New Directors
Posted February 28, 2019
Peter D. Horst (left)
Patrick J. Mullen (right)
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announces the appointment of Peter D. Horst and Patrick J. Mullen to the Board of Directors of the Company and of Peapack-Gladstone Bank, effective February 28, 2019.
Peter Horst is a Fortune 500 Chief Marketing Officer with 30 years of marketing leadership experience across diverse industries in consumer and business products, services and technology for market leaders such as Capital One, General Mills, US West (Century Link), Hershey and Ameritrade. He is the founder of CMO, Inc., and serves as a consultant, author, speaker, board member and advisor to senior executives on marketing strategy, messaging and growth planning.
Patrick Mullen is a highly experienced financial services professional with a distinguished history of team building and effective relationship management. He is an accomplished and seasoned leader, who recently retired as the Director of Banking, State of New Jersey, for the New Jersey Department of Banking and Insurance, for which he worked over the past eight years. There, among other things, he was responsible for the examination and supervision of all state-chartered banks and credit unions and state-licensed non-bank financial institutions.
“Peter and Patrick are joining our Board at the perfect time,” commented F. Duffield Meyercord, Chairman of the Board. “They both bring an elevated level of expertise and perspective in their respective fields. Peter’s extensive brand knowledge will assist us as we continue to introduce Peapack Private, our wealth management brand, to the market; and Patrick’s career with the New Jersey Department of Banking and Insurance will prove invaluable as we continue to navigate our industry’s regulatory challenges.”
Peter, a resident of McLean, Virginia, is a graduate of Harvard University and Dartmouth College’s, Tuck School of Business. He is a Forbes contributor and author of the best-selling book, Marketing in the #FakeNews Era .
Patrick, a resident of Spring Lake, NJ, earned his Master’s Degree from Ball State University and his Bachelor of Arts from St. Francis College. His career in financial services included time spent at Chemical Bank, A.G. Becker, Inc, Kidder Peabody, Inc., Barclays Capital/BZW Securities, ABN AMRO, Inc., Alliance Capital and Sound Securities, LLC, before landing at the New Jersey Department of Banking and Insurance.
Betty S. Thomas Completes CERTIFIED FINANCIAL PLANNER™ Certification Requirements
Posted January 28, 2019
Betty S. Thomas, ChFC®, CFP® and Senior Wealth Planner at Lassus Wherley, a Subsidiary of Peapack-Gladstone Bank, has been authorized by the Certified Financial Planner Board of Standards (CFP Board) to use the CERTIFIED FINANCIAL PLANNER™ and CFP® certification marks in accordance with CFP Board certification and renewal requirements. Betty joined Lassus Wherley in 1999. As a Senior Wealth Planner Betty is responsible for the development of financial plans to help individuals and families take control of their financial affairs and have the peace of mind that comes from knowing they have laid the groundwork for a more secure financial future. Our firm encourages credentials such as CERTIFIED FINANCIAL PLANNER™ to enhance our advisors’ ability to meet the increasingly complex and broad-based needs of our clients.
The CFP® marks identify those individuals who have met the rigorous experience and ethical requirements of the CFP Board, have successfully completed financial planning coursework and have passed the CFP® Certification Examination covering the following areas: the financial planning process, risk management, investments, tax planning and management, retirement and employee benefits, and estate planning. CFP® professionals also agree to meet ongoing continuing education requirements and to uphold CFP Board’s Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards.
CFP Board is a nonprofit certification organization with a mission to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with plaque design) and CFP (with flame design) in the U.S., which it awards to individuals who successfully complete initial and ongoing certification requirements. CFP Board currently authorizes more than 80,000 individuals to use these marks in the United States. For more about CFP Board, visit www.CFP.net.
Peapack-Gladstone Financial Corporation Reports Fourth Quarter and Full Year Results and Declares Its Cash Dividend
Posted January 25, 2019
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) recorded net income of $44.17 million and diluted earnings per share of $2.31 for the year ended December 31, 2018, compared to $36.50 million and $2.03, respectively, for the year ended December 31, 2017, reflecting increases of $7.67 million, or 21%, and $0.28 per share, or 14%, respectively.
The Company’s total revenue increased $13.59 million when comparing the 2018 year to the 2017 year. Of the total revenue increase, $10.07 million (or 74%) was provided by increased wealth management fee income. Douglas L. Kennedy, President and CEO, said “Our Strategy has driven continued growth in our wealth management business, both organically and through acquisition. Our wealth management focus provides a more stable and predictable revenue stream over time than other sources of income.”
For the quarter ended December 31, 2018, the Company recorded net income of $10.73 million and diluted earnings per share of $0.55, compared to $10.37 million and $0.56 for the same three-month period last year. The 2018 quarter included a $4.39 million loss on sale of multifamily loans and a $405,000 write down of intangible assets (non-taxable), partially offset by $3.00 million of life insurance proceeds related to the December 31, 2018 passing of the founder and managing principal of Murphy Capital Management (also non-taxable). These three items reduced net income by $655,000 and reduced earnings per share by $0.04 for the December 2018 quarter.
Peapack-Gladstone Bank Announces New Hires
Posted January 24, 2019
Jay D’Auria joins Peapack-Gladstone Bank as Vice President, Director of Treasury Management. Jay is responsible for overseeing the treasury management product suite including the development and implementation of cash and escrow management services to meet clients’ treasury management requirements while ensuring superior service levels. Mr. D’Auria brings over 25 years of financial services experience to the bank with a focus on treasury services, risk and cash management. He was previously employed as vice president, treasury services at CIT Bank. Prior to CIT Bank, Mr. D’Auria was employed as the cash manager of Quality Dining Inc. and CIGNA Insurance Corporation. Jay holds a Bachelor of Arts and Science Degree in Business Administration from Saint Anselm College in Manchester, NH and is a designated Certified Cash Manager (CCM).Jeffrey Keating has joined Peapack-Gladstone Bank as a Managing Director, Trust Officer for Peapack Private, the Wealth Management division of the Bank. Working out of Morristown, Jeff is responsible for providing a wide range of high level advice and superior service to high-net-worth individuals and families through custom-created strategies and solutions. Previously, Mr. Keating served as senior vice president and estate settlement officer II at U.S. Trust/Bank of America Private Wealth Management where he managed all aspects of probate administration for numerous complex estates and trusts including legal and compliance issues while enhancing the client experience through the recommendation of custom-tailored products and services. Prior to that, he held the positions of vice president and trust officer at both Bank of America and Summit Bank and as regional trust office manager at First Fidelity Bank. Jeffrey holds a Bachelor of Arts Degree in Mathematics from Alfred University in NY. He is a Certified Financial Services Counselor (CFSC) and former member of the New Jersey Bankers Association Personal Trust Administration and Legislative Committees. Mr. Keating has served on the boards of and was treasurer of both the Chatham High School Athletic Boosters and Chatham Jaycees. Additionally, he was a long-time board member of the Chatham Senior Services Center.
Anthony Mattaliano joins Peapack Capital, a subsidiary of Peapack-Gladstone Bank, as Vice President, Senior Credit Underwriter, responsible for the evaluation and due diligence of new and existing equipment finance and leasing clients and preparation of loan proposals. Anthony has 15 years of financial services experience previously serving as vice president, account manager in asset based lending at Santander Bank, N.A., Florham Park and prior to that as relationship manager at TD Bank and at Sovereign Bank as a middle market portfolio manager. Mr. Mattaliano holds a Bachelor’s of Arts Degree in Accounting from Fairleigh Dickinson University. He is a Morris County Notary Public.
Back to Top
Peapack-Gladstone Bank Hires Paul Boudreau
Posted January 17, 2019
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce the appointment of Paul Boudreau as Private Banker, Office of the President. Paul delivers exceptional client service exclusively through the Bank’s private banking program and is responsible for working with businesses and clients to help them grow and prosper. “I am honored to join the Peapack-Gladstone Bank team to expand the Bank’s relationships in the region and continue to provide for the financial needs of our clients and the surrounding communities,” Boudreau said.
Mr. Boudreau recently retired as President of the Morris County Chamber of Commerce where he held the position of president for ten years, growing the membership and reputation of the Chamber. He serves on the New Jersey Public Employment Relations Commission, having been nominated to that position in 2012 by Governor Christie. He is also a member of the New Jersey Mental Health Association Board of Directors and the Morristown Airport Advisory Board. Paul was on the Board of the Somerset Hills YMCA for eight years and provides volunteer leadership to the Tri-County Scholarship Fund. He has received numerous awards for community leadership from Big Brothers Big Sisters of Northern New Jersey, the Boy Scouts of America and NewBridge Services Inc. Prior to his Chamber position, Mr. Boudreau worked at Honeywell for 25 years and retired as Vice President, State and Corporate Relations. He was elected to the Main House of Representatives in 1976 and 1978.
“Paul has a wealth of knowledge of the Morris County region and connections with its residents and business owners, which will serve the Bank well as we continue to expand our reach. He is a valuable asset to our Company,” said Doug Kennedy, President and Chief Executive Officer of Peapack-Gladstone Bank.
Peapack-Gladstone Bank and OMI Announce a New Relationship
Posted January 17, 2019
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank have announced their partnership with OMI (Outcomes Matter Innovations) located in Hackensack, New Jersey, to provide funding to support OMI’s upcoming growth initiatives. “Peapack-Gladstone Bank is honored to commence its new partnership with this physician and hospital management organization,” says Lisa Gallo-Conklin, Senior Managing Director, Commercial Private Banking. “Providing financial support through our Commercial Lending division for the firm’s growth initiatives and state-of-the-art treasury management solutions, together with the opportunity to offer unparalleled service and thoughtful strategic advice to OMI and its employees, is the ultimate banking relationship.”
“We are very excited to partner with Peapack-Gladstone Bank. They truly understand the needs of our business and have been a great pleasure to work with,” states Michele Donato, MD, FACP, CPE. OMI was created with the mission of removing the administrative and back-office burdens facing hospitals and independent physicians in today’s constantly-changing healthcare environment. OMI provides real-world expertise to help hospitals, multi-disciplinary groups and individual practitioners grow and thrive.
OMI was started by physicians in leadership positions of one of the largest oncology groups in the nation as a way to manage all non-clinical aspects of the group and allow physicians to focus on their patients. In developing OMI, they have optimized the way the business of healthcare is run by remaining hyper-focused on the granular details that go into running a financially successful practice, group or hospital. Services offered by OMI include but are not limited to cost management and financial reporting, billing and collecting, joint venture opportunities, development of growth strategies and operations and business development consulting.