Latest news with #PeapackGladstone
Associated Press
15 hours ago
- Business
- Associated Press
Peapack-Gladstone Financial Corporation Reports Second Quarter Financial Results
BEDMINSTER, NJ - July 21, 2025 ( NEWMEDIAWIRE ) - Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the 'Company') announces its second quarter 2025 financial results. This earnings release should be read in conjunction with the Company's Q2 2025 Investor Update, a copy of which is available on our website via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at Deposits grew to $6.4 billion as of June 30, 2025, which represents an increase of $707 million, or 12%, over the last twelve months. During the second quarter of 2025, there were newly funded accounts of $282 million at an average weighted cost of 1.88%. Noninterest-bearing deposits increased by $53 million during the current period and have grown by 30% over the last year. The Company recorded net income of $7.9 million and diluted earnings per share ('EPS') of $0.45 for the quarter ended June 30, 2025 compared to net income of $7.6 million and diluted EPS of $0.43 for the quarter ended March 31, 2025. Net interest income increased $2.8 million, or 6%, on a linked quarter basis to $48.3 million for the second quarter of 2025 compared to $45.5 million for the first quarter of 2025. The growth in net interest income was driven by improvement in the yield on average interest earning assets, as well as continued improvement in the net interest margin. The net interest margin increased to 2.77% for the quarter ended June 30, 2025 compared to 2.68% for the quarter ended March 31, 2025 and 2.25% for the quarter ended June 30, 2024. Douglas L. Kennedy, President and CEO, said, 'Our Metro New York expansion continues to deliver strong results. We've had great success driving deposit growth at a favorable mix. In less than the two years since the initial hiring of experienced private banking teams in New York City, we have successfully on-boarded over 700 new relationships with more than $1.3 billion in new core relationship deposit balances and $464 million in loan balances. This expansion initiative has resulted in an increase of over 30% in our employee headcount. However, we have managed to deliver a third consecutive quarter of positive operating leverage.' Mr. Kennedy also noted, 'In line with our expansion strategy, we have added five production teams in Long Island during the second quarter. The addition of these new teams combined with our re-branding to Peapack Private Bank & Trust earlier this year demonstrates the evolution of our Company to become the premier boutique private bank in Metro New York.' The following are select highlights for the period ended June 30, 2025: Wealth Management: Commercial Banking and Balance Sheet Management: Capital Management: SUMMARY INCOME STATEMENT DETAILS: The following tables summarize specified financial details for the periods shown. SUPPLEMENTAL QUARTERLY DETAILS: Wealth Management AUM/AUA in the Bank's Wealth Management Division increased to $12.3 billion at June 30, 2025 compared to $11.9 billion at December 31, 2024. For the June 2025 quarter, the Wealth Management Team generated $15.9 million in fee income, compared to $15.4 million for the March 31, 2025 quarter and $16.4 million for the June 2024 quarter. John Babcock, President of the Bank's Wealth Management Division, noted, 'Q2 2025 saw continued strong client inflows driven by new accounts and client additions of $193 million. Our new business pipeline is healthy, and we continue to remain focused on delivering excellent service and advice to our clients. Our highly skilled wealth management professionals, our fiduciary powers and expertise, and our financial planning capabilities combined with our high-touch client service model distinguishes us in our market and continues to drive our growth and success.' Loans / Commercial Banking Total loans increased $304 million, or 5%, to $5.8 billion at June 30, 2025, compared to $5.5 billion at December 31, 2024, primarily driven by multifamily and commercial and industrial loan originations during the quarter. The increase in multifamily lending was supported by stronger demand as rates have become more attractive, while C&I growth was driven by business expansion and capital investment. Total C&I loans and leases at June 30, 2025 were $2.5 billion or 44% of the total loan portfolio. Mr. Kennedy noted, 'We are proud to have built a leading middle-market commercial banking franchise, as evidenced by our C&I loan portfolio and complimented by Treasury Management services, Corporate Advisory and SBA businesses. These business lines fit perfectly with our private banking business model and will continue to generate solid production going forward. During the current year, we have originated loans that carried an average spread of more than 450 basis points above our current cost of funds.' Net Interest Income (NII)/Net Interest Margin (NIM) The Company's NII of $48.3 million and NIM of 2.77% for Q2 2025 increased $2.8 million and 9 basis points from NII of $45.5 million and NIM of 2.68% for the linked quarter (Q1 2025) and increased $13.2 million and 52 basis points from NII of $35.0 million and NIM of 2.25% compared to the prior year period (Q2 2024). Our single point of contact private banking strategy and New York City expansion continues to deliver lower-cost core deposit relationships resulting in consistent improvement in our net interest margin. Funding / Liquidity / Interest Rate Risk Management Total deposits increased $234 million to $6.4 billion at June 30, 2025 from $6.1 billion at December 31, 2024. The overall growth in deposits has strengthened balance sheet liquidity and reduced reliance on outside borrowings and other non-core funding sources. There were no outstanding overnight borrowings at June 30, 2025. At June 30, 2025, the Company's balance sheet liquidity (investments available for sale, interest-earning deposits and cash) totaled $1.1 billion, or 15% of total assets. The Company maintains additional liquidity resources of approximately $3.5 billion through secured available borrowing facilities with the Federal Home Loan Bank and the Federal Reserve Discount Window. The available funding from the Federal Home Loan Bank and the Federal Reserve are secured by the Company's loan and investment portfolios. The Company's total on and off-balance sheet liquidity totaled $4.6 billion at June 30, 2025, which amounts to 277% of the total uninsured/uncollateralized deposits currently on the Company's balance sheet. Income from Capital Markets Activities Noninterest income from Capital Markets activities (detailed below) totaled $799,000 for the June 2025 quarter compared to $455,000 for the March 2025 quarter and $586,000 for the June 2024 quarter. Other Noninterest Income (other than Wealth Management Fee Income and Income from Capital Markets Activities) Other noninterest income was $4.7 million for Q2 2025 compared to $3.0 million for Q1 2025 and $4.6 million for Q2 2024. Q2 2025 included a gain of $875,000 related to an early lease termination for a branch location. Prior quarters included a loss of $415,000 in Q1 2025 and income of $1.6 million in Q2 2024 recorded by the Equipment Finance Division related to equipment transfers to lessees upon the termination of leases. Additionally, Q2 2025 included $869,000 of unused line fees compared to $932,000 for Q1 2025 and $786,000 for Q2 2024. Operating Expenses Total operating expenses were $51.9 million for the second quarter of 2025, compared to $49.4 million for the first quarter of 2025 and $43.1 million for the quarter ended June 30, 2024. The increase during the second quarter was primarily driven by expenses associated with the Company's ongoing expansion into New York City, increased health insurance costs, and annual merit increases. The addition of production teams in Long Island also contributed to the growth in operating expenses. Mr. Kennedy noted, 'We continue to make investments related to our strategic decision to expand into Metro New York City and are confident that these investments will position us for future growth and profitability, which will ultimately translate to increased shareholder value. We continue to look for opportunities to create efficiencies and manage expenses throughout the Company while investing in enhancements to the client experience.' Income Taxes The effective tax rate for the three months ended June 30, 2025 was 29.5%, as compared to 27.3% for the March 2025 quarter and 21.2% for the quarter ended June 30, 2024. The June 2024 quarter included a benefit related to the Company's deferred tax assets associated with a surtax imposed by the State of New Jersey in June 2024. Excluding such a benefit, the effective tax rate for the June 2024 quarter would have been approximately 29.0%. Asset Quality / Provision for Credit Losses Nonperforming assets increased to $115.0 million, or 1.60% of total assets, at June 30, 2025, as compared to $97.2 million, or 1.36% of total assets, at March 31, 2025. The increase in nonperforming assets during the second quarter was driven by the addition of two commercial and industrial relationships totaling $14.5 million and one multifamily loan totaling $4.8 million. Multifamily loans represent approximately 49% of nonperforming assets as of June 30, 2025. Loans past due 30 to 89 days and still accruing decreased to $15.5 million, or 0.27% of total loans, at June 30, 2025 compared to $28.3 million, or 0.49% of total loans, at March 31, 2025. Criticized and classified loans increased to $232.7 million at June 30, 2025, reflecting an increase of $15.2 million as compared to $217.5 million at March 31, 2025. The Company currently has no loans or leases on deferral and still accruing. For the quarter ended June 30, 2025, the provision for credit losses was $6.6 million compared to $4.5 million for the March 2025 quarter and $3.9 for the June 2024 quarter. The provision for credit losses in the second quarter of 2025 was driven by deterioration in key economic model drivers and an increase in specific reserves for one equipment financing relationship of $5.8 million. At June 30, 2025, the allowance for credit losses was $81.8 million (1.40% of total loans), compared to $75.2 million (1.31% of total loans) at March 31, 2025, and $68.0 million (1.29% of total loans) at June 30, 2024. Mr. Kennedy noted, 'We continue to closely monitor asset quality metrics. We believe that most of our credit issues in the multifamily loan portfolio are isolated to a small number of specific borrowers and sponsors. We continue to work through each credit individually, while building appropriate reserve coverage. All of the multifamily loans that repriced in 2024 have continued to make their scheduled payments despite the higher rate environment.' Capital The Company's capital position increased during the second quarter of 2025 due to net income of $7.9 million and positive movement in accumulated other comprehensive income of $2.1 million related to the fair value of the Company's investment securities portfolio due to the interest rate environment, which was partially offset by the repurchase of 100,000 shares through the Company's repurchase program at a total cost of $2.8 million. Tangible book value per share increased 4% to $33.19 per share at June 30, 2025 from $31.89 at December 31, 2024. (Tangible book value per share is a non-GAAP financial measure. See the reconciliation tables included in this release for further detail.) Book value per share increased 4% to $35.71 per share at June 30, 2025 compared to $34.45 at December 31, 2024. The Company's and Bank's regulatory capital ratios as of June 30, 2025 remain strong. Where applicable, such ratios remain well above regulatory well capitalized standards. The Company employs quarterly capital stress testing modeling of an adverse case and severely adverse case. In the most recently completed stress test (as of March 31, 2025), the Bank remains well capitalized over a two-year stress period. On June 26, 2025, the Company declared a cash dividend of $0.05 per share payable on August 21, 2025 to shareholders of record on August 7, 2025. ABOUT THE COMPANY Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $7.2 billion and assets under management and/or administration of $12.3 billion as of June 30, 2025. Founded in 1921, Peapack Private Bank & Trust, a subsidiary of Peapack-Gladstone Financial Corporation, is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and retail solutions. The Bank's wealth management division offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Peapack Private Bank & Trust offers an unparalleled commitment to client service. Visit for more information. FORWARD-LOOKING STATEMENTS The foregoing may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, investments, relationships, opportunities and market conditions. These statements may be identified by such forward-looking terminology as 'expect,' 'look,' 'believe,' 'anticipate,' 'may' or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to: A discussion of these and other factors that could affect our results is included in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2024. Except as may be required by the applicable law or regulation, we undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Contact: Frank A. Cavallaro, SEVP and CFO Peapack-Gladstone Financial Corporation T: 908-306-8933 (Tables to follow) PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in Thousands, except per share data) (Unaudited) (A) Return on average tangible equity is calculated by dividing tangible equity by annualized net income. See non-GAAP financial measures reconciliation included in these tables. (B) Calculated as total operating expenses as a percentage of total revenue. For non-GAAP efficiency ratio, see the non-GAAP financial measures reconciliation included in these tables. (A) Return on average tangible equity is calculated by dividing tangible equity by annualized net income. See non-GAAP financial measures reconciliation included in these tables. (B) Calculated as total operating expenses as a percentage of total revenue. For non-GAAP efficiency ratio, see the non-GAAP financial measures reconciliation included in these tables. PEAPACK-GLADSTONE FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CONDITION (Dollars in Thousands) (Unaudited) (A) FHLB means 'Federal Home Loan Bank' and FRB means 'Federal Reserve Bank.' PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED BALANCE SHEET DATA (Dollars in Thousands) (Unaudited) (A) Amounts reflect modifications that are paying according to modified terms. (B) Excludes modifications included in nonaccrual loans of $38.1 million at June 30, 2025, $3.9 million at March 31, 2025, $3.6 million at December 31, 2024, $3.7 million at September 30, 2024 and $3.2 million at June 30, 2024. (C) Excludes a provision of $9,000 at June 30, 2025, a credit of $23,000 at March 31, 2025, a credit of $15,000 at December 31, 2024, a credit of $3,000 at September 30, 2024 and a provision of $10,000 at June 30, 2024 related to off-balance sheet commitments. (D) Total ACL less reserves to loans individually evaluated equals collectively evaluated ACL. PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED BALANCE SHEET DATA (Dollars in Thousands) (Unaudited) *Excludes other comprehensive loss of $55.6 million for the quarter ended June 30, 2025, $66.4 million for the quarter ended December 31, 2024, and $68.3 million for the quarter ended June 30, 2024. See Non-GAAP financial measures reconciliation included in these tables. (A) Equity to total assets is calculated as total shareholders' equity as a percentage of total assets at quarter end. (B) Tangible equity and tangible assets are calculated by excluding the balance of intangible assets from shareholders' equity and total assets, respectively. Tangible equity as a percentage of tangible assets at quarter end is calculated by dividing tangible equity by tangible assets at quarter end. See Non-GAAP financial measures reconciliation included in these tables. (C) Book value per common share is calculated by dividing shareholders' equity by quarter end common shares outstanding. (D) Tangible book value per share excludes intangible assets. Tangible book value per share is calculated by dividing tangible equity by quarter end common shares outstanding. See Non-GAAP financial measures reconciliation tables. (E) Regulatory well capitalized standard (including capital conservation buffer) = 4.00% ($286 million) (F) Regulatory well capitalized standard (including capital conservation buffer) = 8.50% ($494 million) (G) Regulatory well capitalized standard (including capital conservation buffer) = 7.00% ($407 million) (H) Regulatory well capitalized standard (including capital conservation buffer) = 10.50% ($611 million) PEAPACK-GLADSTONE FINANCIAL CORPORATION LOANS CLOSED (Dollars in Thousands) (Unaudited) (A) Includes loans and lines of credit that closed in the period but not necessarily funded. (B) Includes equipment finance. PEAPACK-GLADSTONE FINANCIAL CORPORATION AVERAGE BALANCE SHEET (Tax-Equivalent Basis, Dollars in Thousands) (Unaudited) (A) Average balances for available for sale securities are based on amortized cost. (B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate. (C) Loans are stated net of unearned income and include nonaccrual loans. (D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets. PEAPACK-GLADSTONE FINANCIAL CORPORATION AVERAGE BALANCE SHEET (Tax-Equivalent Basis, Dollars in Thousands) (Unaudited) (A) Average balances for available for sale securities are based on amortized cost. (B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate. (C) Loans are stated net of unearned income and include nonaccrual loans. (D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets. PEAPACK-GLADSTONE FINANCIAL CORPORATION AVERAGE BALANCE SHEET (Tax-Equivalent Basis, Dollars in Thousands) (Unaudited) (A) Average balances for available for sale securities are based on amortized cost. (B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate. (C) Loans are stated net of unearned income and include nonaccrual loans. (D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets. PEAPACK-GLADSTONE FINANCIAL CORPORATION NON-GAAP FINANCIAL MEASURES RECONCILIATION Tangible book value per share and tangible equity as a percentage of tangible assets at period end are non-GAAP financial measures derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from shareholders' equity and total assets, respectively. We calculate tangible book value per share by dividing tangible equity by common shares outstanding, as compared to book value per common share, which we calculate by dividing shareholders' equity by common shares outstanding at period end. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. The efficiency ratio is a non-GAAP measure of expense control relative to recurring revenue. We calculate the efficiency ratio by dividing total noninterest expenses, excluding other real estate owned provision, as determined under GAAP, by net interest income and total noninterest income as determined under GAAP, but excluding net gains/(losses) on loans held for sale at lower of cost or fair value and excluding net gains on securities from this calculation, which we refer to below as recurring revenue. We believe that this provides a reasonable measure of core expenses relative to core revenue. We believe these non-GAAP financial measures provide information that is important to investors and useful in understanding our financial position, results and ratios because our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titles measures reported by other companies. A reconciliation of the non-GAAP measures of tangible common equity, tangible book value per share and efficiency ratio to the underlying GAAP numbers is set forth below. (Dollars in thousands, except per share data) (Dollars in thousands) (Dollars in thousands) View the original release on
Yahoo
15 hours ago
- Business
- Yahoo
Peapack-Gladstone: Q2 Earnings Snapshot
BEDMINSTER, N.J. (AP) — BEDMINSTER, N.J. (AP) — Peapack-Gladstone Financial Corp. (PGC) on Monday reported net income of $7.9 million in its second quarter. The Bedminster, New Jersey-based bank said it had earnings of 45 cents per share. The bank holding company posted revenue of $111.1 million in the period. Its revenue net of interest expense was $69.7 million, topping Street forecasts. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on PGC at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-06-2025
- Business
- Yahoo
Those who invested in Peapack-Gladstone Financial (NASDAQ:PGC) five years ago are up 64%
It hasn't been the best quarter for Peapack-Gladstone Financial Corporation (NASDAQ:PGC) shareholders, since the share price has fallen 10% in that time. On the bright side the share price is up over the last half decade. Unfortunately its return of 58% is below the market return of 104%. So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. Peapack-Gladstone Financial's earnings per share are down 1.4% per year, despite strong share price performance over five years. So it's hard to argue that the earnings per share are the best metric to judge the company, as it may not be optimized for profits at this point. Therefore, it's worth taking a look at other metrics to try to understand the share price movements. We doubt the modest 0.8% dividend yield is attracting many buyers to the stock. In contrast revenue growth of 6.9% per year is probably viewed as evidence that Peapack-Gladstone Financial is growing, a real positive. It's quite possible that management are prioritizing revenue growth over EPS growth at the moment. The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail). It's good to see that there was some significant insider buying in the last three months. That's a positive. On the other hand, we think the revenue and earnings trends are much more meaningful measures of the business. You can see what analysts are predicting for Peapack-Gladstone Financial in this interactive graph of future profit estimates. It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Peapack-Gladstone Financial, it has a TSR of 64% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments! It's nice to see that Peapack-Gladstone Financial shareholders have received a total shareholder return of 26% over the last year. That's including the dividend. That's better than the annualised return of 10% over half a decade, implying that the company is doing better recently. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. It is all well and good that insiders have been buying shares, but we suggest you check here to see what price insiders were buying at. Peapack-Gladstone Financial is not the only stock insiders are buying. So take a peek at this free list of small cap companies at attractive valuations which insiders have been buying. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges. — Investing narratives with Fair Values Vita Life Sciences Set for a 12.72% Revenue Growth While Tackling Operational Challenges By Robbo – Community Contributor Fair Value Estimated: A$2.42 · 0.1% Overvalued Vossloh rides a €500 billion wave to boost growth and earnings in the next decade By Chris1 – Community Contributor Fair Value Estimated: €78.41 · 0.1% Overvalued Intuitive Surgical Will Transform Healthcare with 12% Revenue Growth By Unike – Community Contributor Fair Value Estimated: $325.55 · 0.6% Undervalued View more featured narratives — Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Associated Press
06-06-2025
- Business
- Associated Press
A. Michael Smith Joins Peapack Private Bank & Trust as SVP, Chief Audit Executive
BEDMINSTER, NJ - June 5, 2025 ( NEWMEDIAWIRE ) - Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack Private Bank & Trust are pleased to announce the appointment of A. Michael Smith as Senior Vice President, Chief Audit Executive. In this role, he will lead the Bank's internal audit function and develop strategic initiatives to support its continued growth. A. Michael has over 30 years of experience in auditing, risk management, and technology, with a proven track record of driving innovation and excellence in financial services. Most recently, Smith served as Chief Audit Executive at Nasdaq, where he built a world-class internal audit function and leveraged advanced technologies to manage high-volume transactions across global markets. Prior to that, he was a Partner at PwC, where he led internal audit transformation initiatives through emerging technologies and innovation. His extensive career also includes senior leadership roles at several large financial institutions, and he was also a partner at Deloitte & Touche. Throughout his career, Smith has demonstrated a commitment to elevating internal audit functions to best-in-class standards. A. Michael is the author of Internal Audit of the Future: The Impact of Technology Innovation, a book that explores how technology is reshaping the audit landscape. He also holds a U.S. patent for a novel approach to auditing crypto assets. He is a graduate of Baylor University with a Bachelor of Business Administration, a Certified Public Accountant (CPA), a Certified Information Systems Auditor (CISA), and a Certified Information Systems Security Professional (CISSP). About the Company Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $7.1 billion and assets under management and/or administration of $11.8 billion as of March 31, 2025. Founded in 1921, Peapack Private Bank & Trust is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and personal banking solutions. The Bank's wealth management division offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Peapack Private Bank & Trust offers an unparalleled commitment to client service. Visit for more information. Contact: Denise Pace-Sanders, Peapack Private Bank & Trust, SVP Managing Principal, Brand and Marketing Director, 500 Hills Drive, Suite 300, Bedminster, NJ 07921, [email protected], (908) 470-3322 View the original release on
Associated Press
27-05-2025
- Business
- Associated Press
Nancy Foran-Pinzon Joins Peapack Private Bank & Trust
BEDMINSTER, NJ - May 27, 2025 ( NEWMEDIAWIRE ) - Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack Private Bank & Trust announce that Nancy Foran-Pinzon has joined the Bank as a Senior Managing Director and Group Director with its Commercial Banking division. Nancy joins a team of bankers now responsible for helping grow Peapack Private into Long Island and the Tri-State Area. She is based out of the Bank's Melville, New York location. A former vice president and group director with Flagstar Bank, Nancy helped establish the first Suffolk County PCG Group and Financial Center for then Signature Bank, growing the group's book of business to a peak of $306 million in balances, and commitments to $230 million, and outstandings of $120 million. Prior to Flagstar/Signature, at Fleet Bank, she was a vice president, portfolio manager for the contractor team, working with several relationship managers, maintaining the quality of the book of business, gathering financial information and assisting in the underwriting process. Nancy held additional roles at Fleet Bank as she developed her career over the years. Nancy is a graduate of Babson College, graduating in three years, with a Bachelor of Science degree in Finance. About the Company Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $7.1 billion and assets under management and/or administration of $11.8 billion as of March 31, 2025. Founded in 1921, Peapack Private Bank & Trust is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and personal banking solutions. The Bank's wealth management division offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Peapack Private Bank & Trust offers an unparalleled commitment to client service. Visit for more information. Contact: Denise Pace-Sanders, Peapack Private Bank & Trust, SVP Managing Principal, Brand and Marketing Director, 500 Hills Drive, Suite 300, Bedminster, NJ 07921, [email protected], (908) 470-3322 View the original release on
