Peapack-Gladstone Financial Corporation Announces

Bedminster, NJ, Dec. 12, 2017 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (Nasdaq Global Select Market: PGC) (the “Company”), the parent corporation of Peapack-Gladstone Bank (the “Bank”), today announced that it closed on its issuance of $35 million in aggregate principal amount of its Fixed-to-Floating Subordinated Notes due December 15, 2027 (the “Notes”). The Notes will initially bear a fixed interest rate of 4.75% per year. Commencing on December 15, 2022, the interest rate on the Notes will reset on a quarterly basis to the three-month LIBOR rate plus a spread of 254 basis points, payable quarterly in arrears.

The Company plans to use the net proceeds from the sale of the Notes 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 commercial loan growth, as well as potential strategic wealth acquisitions, are a part of the Bank’s Plan.”  Mr. Kennedy went on to note, “We are very pleased with the execution of this offering. The investment grade rating from Kroll Bond Rating Agency, the high level of interest in our offering, and the interest rate reflect the soundness of our Company and 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.

Additional Information About the Offering

The Notes have been issued pursuant to an effective shelf registration statement (File No. 333-215176) (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 total assets of $4.18 billion as of September 30, 2017. 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 Private Wealth Management Division, and its branch network and online platforms, Peapack-Gladstone Bank offers an unparalleled commitment to client service.

Forward-Looking Statements

This press release may include forward-looking statements as defined by 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. These forward-looking statements are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from those described in this press release. You should not rely on forward-looking statements as a prediction of future events.

Additional information regarding factors that could cause actual results to differ materially from those discussed in any forward-looking statements are described in reports and registration statements we file with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, copies of which can be obtained without charge by visiting the SEC's website at www.sec.gov .

Peapack disclaims any obligation to update any forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based except as required by law.

Contact: Peapack-Gladstone Financial Corporation Jeffrey J. Carfora 908-719-4308 jcarfora@pgbank.com