BEDMINSTER, NJ--(Marketwired - Jun 15, 2016) - Peapack-Gladstone Financial Corporation (NASDAQ: PGC) (the "Company"),
the parent corporation of Peapack-Gladstone Bank (the "Bank"), today announced that it closed on $50 million of its
Fixed-to-Floating Subordinated Notes due June 30, 2026 (the "Notes"). The Notes will bear interest at a rate of 6% per annum to
June 30, 2021. Thereafter and through maturity or earlier redemption, the interest rate shall reset quarterly to the then
current three-month LIBOR rate plus 485 basis points.
The Company intends to use the net proceeds from this offering for general corporate purposes, including investment in the
Bank as regulatory capital to fund future growth and potential strategic acquisitions.
Doug Kennedy, President and CEO, commented, "Continued loan growth, albeit at a slower pace than the past several years, as
well as potential strategic wealth acquisitions, are a part of the Bank's strategic plan. Further, the Subordinated Note offering
was included in our Plan and Budget for 2016. We are very pleased with the execution of this offering. The investment grade
rating from Kroll Bond Rating Agency, coupled with the high level of interest in our offering, reflects the soundness of our
Strategy and Plan."
Sandler O'Neill + Partners, L.P. acted as the sole book-running manager and Keefe, Bruyette & Woods, A Stifel Company
acted as the co-manager for the Notes offering.
The Notes have been issued pursuant to an effective shelf registration statement (File No. 333-198299) (including base
prospectus), a preliminary prospectus supplement filed with the Securities and Exchange Commission (the "SEC"), and a final
prospectus supplement filed with the SEC.
Copies of the final prospectus supplement and accompanying base prospectus relating to the Notes offering can be obtained
without charge by visiting the SEC's website at www.sec.gov, or may be obtained
from: Sandler O'Neill + Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, Attn: Syndicate
Operations, Telephone Number: 1-866-805-4128.
About the Company
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with approximately $3.5 billion in assets as of
March 31, 2016. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative private banking services to
businesses, non-profits and consumers which help them to establish, maintain and expand their legacy. Through its private banking
locations in Bedminster, Morristown, Princeton and Teaneck, its wealth management division, and its branch network and online
platforms, Peapack-Gladstone Bank offers an unparalleled commitment to client service.
Disclaimer About This Release
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale
of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction. Any offering of the Notes is being made only by means
of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Forward Looking Statements
The foregoing contains 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:
- inability to successfully grow our business and implement our strategic plan, including an inability to generate revenues
to offset the increased personnel and other costs related to the strategic plan;
- the impact of anticipated higher operating expenses in 2016 and beyond;
- inability to manage our growth;
- inability to successfully integrate our expanded employee base;
- a continued or unexpected decline in the economy, in particular in our New Jersey and New York market areas;
- declines in our net interest margin caused by the low interest rate environment and highly competitive market;
- declines in value in our investment portfolio;
- higher than expected increases in our allowance for loan losses;
- higher than expected increases in loan losses or in the level of nonperforming loans;
- unexpected changes in interest rates;
- a continued or unexpected decline in real estate values within our market areas;
- legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act,
Basel III and related regulations) subject us to additional regulatory oversight which may result in increased compliance
costs;
- successful cyber attacks against our IT infrastructure and that of our IT providers;
- higher than expected FDIC insurance premiums;
- adverse weather conditions;
- inability to successfully generate new business in new geographic markets;
- inability to execute upon new business initiatives;
- lack of liquidity to fund our various cash obligations;
- reduction in our lower-cost funding sources;
- our inability to adapt to technological changes;
- claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters; and
- other unexpected material adverse changes in our operations or earnings.
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, 2015. We undertake no duty to update any forward-looking statement to conform
the statement to actual results or changes in the Corporation'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.