Peapack-Gladstone Financial Corporation (NASDAQ: PGC) ("Peapack" or "the company") is the BHC for main subsidiary, Peapack Private Bank & Trust ("the bank"), which has a long-standing presence in Central/Northern NJ. Peapack recently expanded into NYC, Long Island, and Westchester as part of a strategic focus on building deposit-focused teams, which involved lifting out experienced teams from failed banks in footprint. Despite this, PGC reflects a branch-light, high-touch private banking model, serving clients via a relationship-driven approach.
Outside of its wealth management buildout via eight M&A deals 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 over $2 billion in low-cost deposits over the last couple years and provided meaningful…
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