Who Owns Peapack-Gladstone Company?

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Who Owns Peapack-Gladstone Company?

Understanding company ownership is key to grasping its strategy and market influence. A significant development for Peapack-Gladstone Financial Corporation was its rebranding to Peapack Private Bank & Trust on January 1, 2025, highlighting a shift towards private banking and wealth management.

This strategic move aligns with the company's ambition to become a leading boutique private bank in the Metro New York area, building on its long-standing commitment to personalized financial services.

Peapack-Gladstone Financial Corporation, a New Jersey-based bank holding company, traces its origins to 1921. Its primary subsidiary, Peapack-Gladstone Bank, was established to offer dependable and tailored banking to its community. The company's operations are mainly in New Jersey, with strategic outreach into the New York City metropolitan market. As of March 31, 2025, the corporation held $7.1 billion in total assets and managed or administered $11.8 billion. Its market capitalization was $483 million as of June 5, 2025. This analysis will explore its ownership structure, including founder interests, major institutional and public shareholders, and significant ownership changes. For a deeper understanding of its market positioning, consider reviewing the Peapack-Gladstone BCG Matrix.

Peapack-Gladstone Financial Corporation, the parent entity of Peapack-Gladstone Bank, traces its origins back to 1921 when it was founded as Peapack-Gladstone National Bank. The establishment of this institution was driven by local business leaders who envisioned a more accessible and community-focused banking service. This initiative was notably spurred by a hardware store owner and a business associate who sought to avoid the inconvenience of traveling to Oldwick for their banking needs. Their solution was to establish the first Peapack Gladstone Bank directly within their hardware store, requiring an initial capital of approximately $3,000 in liquid assets.

Founding Vision

Local business leaders, including a hardware store owner, founded the bank in 1921. Their goal was to create a more convenient and personalized banking experience for their community.

Initial Capitalization

The bank's inception required an initial investment of around $3,000 in liquid assets. This modest sum was raised to establish the first branch within a local hardware store.

Community Support During Depression

During the Great Depression, the bank's directors and local individuals stepped in to ensure its survival. They purchased nearly worthless securities for $73,984 to inject vital capital.

Reorganization and Stability

Following the recapitalization, the bank reorganized as Peapack-Gladstone Bank. This action underscored a strong community-backed ownership and a shared commitment to the bank's continuity.

Early Ownership Structure

While specific initial equity splits are not detailed in public records, the early ownership appears to have been distributed among visionary local business leaders and community members.

Peapack-Gladstone Company History

The bank's history highlights a deep connection to its founding community. This early period established a precedent for stakeholder involvement in the company's stability and growth.

The resilience of the bank during the Great Depression is a testament to its early ownership structure, which was characterized by significant community involvement. The directors and other local individuals collectively purchased securities valued at $73,984, which were described as nearly worthless at the time, to inject much-needed capital and secure the institution's future. This act of financial support, alongside the bank's subsequent reorganization as Peapack-Gladstone Bank, clearly illustrates a distributed ownership model deeply rooted in the local community's commitment. While precise details regarding initial founder equity stakes or subsequent shareholding percentages are not readily available in current public disclosures, the historical accounts suggest a collective effort by visionary local business leaders and community members dedicated to preserving the bank's services and stability. Understanding this early period is crucial for grasping the Peapack-Gladstone Company's historical ownership and its foundational principles, which can be further explored in discussions on the Marketing Strategy of Peapack-Gladstone.

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Peapack-Gladstone Financial Corporation's ownership journey began with its organization under New Jersey law in August 1997, evolving into a bank holding company. The company's initial public offering on November 1, 2000, marked its transition to a publicly traded entity on the NASDAQ Global Select Market under the symbol 'PGC,' significantly broadening its shareholder base and influencing its strategic direction.

The ownership structure of Peapack-Gladstone Financial Corporation has seen a notable shift, with institutional investors now holding a dominant position. This substantial institutional presence, which was 84.5% in Q4 2023, significantly influences the company's stock performance and corporate governance. This evolution reflects a strategic move from its community banking origins towards a more diversified focus on commercial banking, wealth management, and private banking services, catering to a broader investor profile.

Key Institutional Stakeholders

As of March 31, 2025, several major institutional investors held significant stakes in Peapack-Gladstone Financial Corporation, underscoring the broad appeal of its financial services and strategic positioning.

• BlackRock, Inc. held 1,760,546 shares.
• Dimensional Fund Advisors Lp owned 1,096,689 shares.
• Vanguard Group Inc possessed 919,795 shares.
• Boston Partners maintained 774,892 shares.
• Wellington Management Group Llp held 656,408 shares.
• Other significant holders include Brown Advisory Inc, State Street Corp, VTSMX - Vanguard Total Stock Market Index Fund Investor Shares, and IWM - iShares Russell 2000 ETF.

The company's transition into a publicly traded entity has broadened its ownership beyond its foundational community roots. Understanding who owns Peapack-Gladstone is crucial for assessing its strategic direction and corporate governance. For a deeper dive into its historical context, one can refer to the Brief History of Peapack-Gladstone.

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The Board of Directors for Peapack-Gladstone Financial Corporation comprises fourteen individuals elected for one-year terms, with F. Duffield Meyercord serving as Chairman. Douglas L. Kennedy, President and CEO of Peapack Private Bank & Trust, has been a board member since 2012. The remaining directors are classified as independent under NASDAQ rules.

The voting power within the company is structured on a one-share-one-vote basis for its common stock. As of March 5, 2025, there were 17,596,195 shares of common stock outstanding and eligible to vote. Director elections require a plurality of votes cast, while other proposals, such as executive compensation and the 2025 Long-Term Incentive Plan, need a majority of votes cast. The Board actively oversees risk management through its dedicated Risk Committee.

Key Voting Information

Understanding the voting structure is crucial for Peapack-Gladstone Company stakeholders. The company operates on a straightforward one-share-one-vote principle.

• 17,596,195 shares of common stock were outstanding as of March 5, 2025.
• Director elections are decided by a plurality of votes.
• Majority approval is needed for executive compensation and incentive plans.
• The Board's Risk Committee plays a key role in oversight.
• This structure influences the Target Market of Peapack-Gladstone by ensuring broad shareholder input.

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Recent developments for Peapack-Gladstone Financial Corporation indicate a strategic push for market expansion and brand consolidation. The company is rebranding its banking and wealth management divisions to Peapack Private Bank & Trust, effective January 1, 2025, aiming to strengthen its presence in the Metro New York area.

The company has been actively managing its capital structure through share repurchases. In 2024, 300,000 shares were bought back for $7.2 million, following 455,341 shares for $12.5 million in 2023. This activity continued into Q2 2024 with 100,000 shares repurchased for $2.2 million, and a total of 200,000 shares for $4.6 million in the first six months of 2024. These actions reflect a focus on shareholder value. The expansion into the Metro New York market has yielded significant results, with over $1.3 billion in new customer relationship deposits and more than 700 new relationships established in less than two years prior to July 2025. This growth underscores the effectiveness of their strategic initiatives and leadership, as highlighted by President and CEO Douglas L. Kennedy.

Strategic Rebranding Initiative

The rebranding to Peapack Private Bank & Trust, effective January 1, 2025, aims to unify services and enhance market penetration in the Metro New York region.

Financial Growth and Lending Activity

Total loans saw a substantial increase of $304 million by June 30, 2025, with commercial and industrial lending comprising 58% of new originations in Q2 2025.

Shareholder Value Enhancement

Consistent share repurchases, including $7.2 million in 2024, demonstrate a commitment to returning value to Peapack-Gladstone Company stakeholders.

Metro New York Market Expansion Success

The company has secured over $1.3 billion in new customer deposits and established over 700 new relationships in the Metro New York area, showcasing strong market reception.

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