Peapack-Gladstone Financial Corporation to Acquire Princeton Portfolio Strategies Group
12 Mayo 2021 - 3:30PM
via NewMediaWire -- Peapack-Gladstone Financial
Corporation (NASDAQ Global Select Market: PGC), parent
company of Peapack-Gladstone Bank announced today that it has
entered into an agreement to acquire Princeton, NJ-based Princeton
Portfolio Strategies Group, LLC (“PPSG”), with assets under
management of approximately $550 million. The Company
anticipates the purchase will be immediately accretive to
earnings. The transaction is expected to close in the third
quarter of 2021, subject to the receipt of regulatory approval and
other customary closing conditions.
PPSG, who will become part of Peapack Private, the
wealth management division of the Bank, has been delivering wealth
management services and customized portfolio management solutions
to individuals and institutions since 2011. Their team of
professionals has broad experience in advising and investing, and a
long history of coordinating financial solutions with clients’
attorneys, accountants, and other professionals.
Partners Bill Hamill, Suzanne Twitchell, Carlton
Savoye, Alan Moucha, and John Capodici, along with all PPSG team
members, will join Peapack Private upon completion of the
acquisition.
Peapack Private is one of the largest trust
company and wealth managers in NJ, with a market value of
approximately $9.4 billion of Assets Under Administration (AUA) at
March 31, 2021. The Princeton Portfolio Strategies Group
transaction will be the Bank’s eighth acquisition and/or lift-out
since 2015.
“With a private banking office already located at
Carnegie Center in Princeton, we were able to establish a quick and
easy connection with PPSG,” said John P. Babcock, President of
Peapack Private Wealth Management. He continued, “Combining
the high-quality professionals from PPSG with our existing
Princeton team is a win-win for both organizations and will allow
us to accelerate our growth in this highly desirable market.”
Park Sutton Advisors LLC served as exclusive
financial advisor to Peapack-Gladstone Bank on this
transaction.
About the Company
Peapack-Gladstone Financial Corporation is a New
Jersey bank holding company with total assets of $6.0 billion and
assets under management and/or administration of $9.4 billion as of
March 31, 2021. Founded in 1921, Peapack-Gladstone Bank is a
commercial bank that provides innovative wealth management,
investment banking, commercial and retail solutions, including
residential lending and online platforms, to businesses and
consumers. Peapack Private, 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. Together, Peapack-Gladstone Bank and Peapack
Private offer an unparalleled commitment to client service.
Visit www.pgbank.com and www.peapackprivate.com for
more information.
Contact: Denise M. Pace-Sanders, SVP
Managing Principal, Brand and Marketing Director, dpace@pgbank.com,
908.470.3322, Peapack-Gladstone Bank, 500 Hills Drive, Suite 300,
Bedminster, NJ 07921.
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