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Peapack-Gladstone Financial Corporation Announces $50 Million Preferred Stock Commitment
BEDMINSTER, NJ - March 26, 2026 (NEWMEDIAWIRE) - Peapack-Gladstone Financial Corporation (NASDAQ: PGC) (the "Company"), the holding company for Peapack
About this update from Peapack-gladstone Financial Corporation
[{"type":"text","content":"BEDMINSTER, NJ - March 26, 2026 (NEWMEDIAWIRE) - Peapack-Gladstone Financial Corporation (NASDAQ: PGC) (the \"Company\"), the holding company for Peapack Private Bank & Trust, has announced a $50 million preferred stock commitment from affiliates of Strategic Value Bank Partners, a long-term investor focused on the banking sector. The commitment includes an initial $30 million private placement of non-cumulative perpetual convertible preferred stock, with the ability to issue up to an additional $20 million of preferred stock through the end of 2027.\nThe preferred stock carries a dividend rate of 6.00% per annum, is non-callable for the first five years, and thereafter may be redeemed, subject to applicable terms. The preferred stock is convertible to common stock at the option of the holder after five years, subject to applicable terms. The issuance is not listed on any securities exchange and is expected to qualify as Tier 1 capital, subject to applicable regulatory requirements.\nProceeds will be used for general corporate purposes, which may include supporting organic growth, investments at the holding-company or bank level, acquisitions or other business combinations, and the reduction or refinancing of existing debt.\nDouglas L. Kennedy, President and CEO, noted, \"We are pleased to partner with Strategic Value Bank Partners, whose long-term orientation aligns well with our strategy. Over the past two years, we have made significant investments in our expansion across the New York metropolitan market and are seeing strong results reflected in positive operating leverage and improving earnings momentum. This capital raise provides flexibility to continue executing on that growth while maintaining capital levels consistent with our long-standing targets. Importantly, it reflects our disciplined approach to capital management, including actions we have taken to improve the efficiency and quality of our capital structure.\"\nMarty Adams, Co-Founder and Principal of Strategic Value Bank Partners, added, \"We have been a long-time investor in PGC common stock and are excited to support the Company's continued growth. We have strong conviction in the management team and the progress made in building a premier private banking and wealth management franchise serving clients across the New York metropolitan market. This investment ...