Business
Peapack-Gladstone Bank Announces Focus on -- and Assistance for -- Clients, Employees and Communities Affected by COVID-19
Bedminster, New Jersey, March 19, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Peapack-Gladstone Bank, the wholly owned subsidiary of Peapack-Gladstone
About this update from Peapack-gladstone Financial Corporation
[{"type":"text","content":"Bedminster, New Jersey, March 19, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Peapack-Gladstone Bank, the wholly owned subsidiary of Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), has announced precautionary measures intended to mitigate the impact of the COVID-19 virus on its employees, clients and communities.\n “Our main concern is the health and well-being of our employees and their families,” stated Douglas L. Kennedy, President and Chief Executive Officer. “Our employees’ health and well-being is essential to supporting our clients during this difficult time, as well as the communities where we live and work. We are taking precautions and making necessary adjustments in everyday operations and interactions to safeguard everyone. And, we remain committed to reacting responsibly to this evolving situation.” The Bank has a long history of appropriately managing risk, while supporting clients during times of economic stress. The Holding Company and the Bank have investment grade ratings from both Moody’s and Kroll Bond Rating Agency. These ratings reflect a thoughtful, well-diversified business model, along with strong levels of both capital and liquidity. Given this solid financial profile, the Bank believes it is well-positioned to provide clients the necessary support during this crisis. “We have elevated our client communications, offering tailored and flexible solutions that will accommodate increased working capital and liquidity needs,” Kennedy said. In addition, streamlined processes to enhance emergency overdrafts and over-limit advances have been put in place. As an SBA Preferred Lender, the Bank is prepared to quickly implement any emergency programs enacted by the government, to support affected small businesses. The Bank also offers an Insured Liquidity Sweep account, which provides millions of dollars in FDIC insurance, beyond $250,000, for clients seeking daily liquidity and safety. In support of the recommendations of public health authorities and to encourage “social distancing,” Peapack-Gladstone Bank has modified branch operations and has temporarily eliminated lobby services at all locations. Drive-up services remain fully operational, along with the Bank’s entire ATM network; including its surcharge free ATM program through Allpoint. All online services remain operational as w...