Company Profile
- Peapack-Gladstone Financial Corporation (NASDAQ: PGC) ("Peapack" or "the company") is the BHC for lead subsidiary, Peapack Private Bank & Trust ("the bank"), which has long-standing and legacy roots in Central/Northern NJ. PGC recently expanded into NYC and Long Island , with a focus on building deposit-focused teams, which involved lifting out experienced bankers from failed institutions in footprint. However, Peapack maintains a branch-light, high-touch private banking model focused on relationships, rather than traditional retail banking infrastructure.
- Outside of its wealth management buildout via eight M&A transactions from 2015-2020, Peapack’s core bank growth strategy has remained largely organic. PGC has leaned on team lift-outs to diversify its balance sheet, initially through equipment finance, and more recently deposit-focused teams. These teams have brought in $1 billion in low-cost core deposits over the past year and provided…