Peapack-Gladstone Financial Corporation (NASDAQ: PGC) (“Peapack” or “the company”) is the BHC for main subsidiary, Peapack-Gladstone Bank (“the bank”), which operates primarily in Central and Northern NJ. With an operating history dating back to 1921, the bank maintains a branch-light strategy (18 branches) and has several private banking and wealth offices.
The growth strategy for the core bank in recent years has been largely organic, while the company utilized M&A to help support the growth in its wealth management business, Peapack Private Wealth Management (“PPWM”), with 8 transactions completed since 2015. As such, total AUM/AUA has grown to $11.5 billion as of 1Q24 compared to $3.3 billion at YE15. Moving forward, both the core bank and PPWM are expected to benefit from the recent expansion into NYC with PGC hiring 10+ production and client service teams that previously worked at Signature Bank, which will be largely focused on deposit growth,…
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