8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  ------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


Date of report (Date of earliest event reported)          March 15, 2007
                                                    ----------------------------


                     PEAPACK-GLADSTONE FINANCIAL CORPORATION
- --------------------------------------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)


         New Jersey                   001-16197             22-3537895
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(State or Other Jurisdiction          (Commission           (I.R.S. Employer
     of Incorporation)                 File Number)          Identification No.)


158 Route 206, Peapack-Gladstone, New Jersey                        07934
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(Address of Principal Executive Offices)                            (Zip Code)


Registrant's telephone number, including area code    (908) 234-0700
                                                      --------------------------

         Check the  appropriate  box below if the Form 8-K filing is intended to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

      |_| Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)

      |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)

      |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

      |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))



Item 8.01    Other Events.

      Attached and being furnished as Exhibit 99.1 is a copy of a press release
of Peapack-Gladstone Financial Corporation dated March 15, 2007. Exhibit 99.1 is
incorporated by reference under this Item 8.01.


Item 9.01    Financial Statements and Exhibits

(d)

99.1     Press Release of Peapack-Gladstone Financial Corporation, dated
         March 15, 2007







                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                            PEAPACK-GLADSTONE FINANCIAL CORPORATION


Dated: March 15, 2007       By:    /s/ Arthur F. Birmingham
                                   ------------------------------
                            Name:  Arthur F. Birmingham
                            Title: Executive Vice President and Chief Financial
                                   Officer





                                  EXHIBIT INDEX

Exhibit No.            Title
- -----------            -----

99.1                   Press Release of Peapack-Gladstone Financial Corporation,
                       dated March 15, 2007

EX-99.1

                                                                    Exhibit 99.1


                                                           Contact: Frank Kissel
                                                                  Chairman & CEO
                                                                    908-234-0700


PEAPACK-GLADSTONE FINANCIAL CORPORATION
BOARD OF DIRECTORS AFFIRMS POLICY

Gladstone, New Jersey - Thursday, March 15, 2007 - Peapack-Gladstone Financial
Corporation (AMEX: PGC) announced that our Board of Directors, by a unanimous
vote this morning, affirmed its conviction that we remain an independent
community bank, and that we move forward on our long-term plan for improved
earnings and increased shareholder value.

Our Board took this action and issued this press release after James Weichert,
the holder of 9.7% of the Company's shares, sent a letter to each member of the
Board demanding that the Company seek a buyer. In addition, Mr. Weichert filed a
Schedule 13D with the Securities and Exchange Commission, dated as of today, in
which he summarized the contents of his letter.

Mr. Weichert has over recent months been in communication with our Board, both
directly and indirectly, in an effort to encourage the Company to sell itself.
As a result of this, the Board devoted its February 15, 2007 meeting to
addressing Mr. Weichert's concerns. At this meeting, after lengthy discussion,
the Board expressed a clear consensus that, as opposed to a sale at what it felt
is the lower end of an earnings cycle, the Company would instead achieve greater
shareholder value by moving forward on the Company's long-term strategic plan,
and remaining an independent bank serving its local communities.

Subsequent to the February 15, 2007 meeting, Mr. Weichert sent the
above-mentioned letter and filed the Schedule 13D with the Securities and
Exchange Commission. As a result, our Board again addressed the issue at its
regularly scheduled meeting this morning, and voted 10-0 to affirm its February
15, 2007 consensus, and remain independent. Anthony J. Consi, Senior Vice
President of Finance and Operations, Weichert Realtors, was the only director
who did not participate in today's meeting. Of the 10 directors that did
participate, 3 are inside directors and 7 are outside directors.


The Current Conditions and Our Long-Term Plan
The Company, like other community banks, has suffered from a prolonged inverted
yield curve, which has materially lowered our profitability. In addition, our
balance sheet has historically been, and still is, dominated by residential
mortgages, which carry modest yields. The yield curve we cannot control, but
history tells us this will not last. Our long-term plan, which has already been
put into place and is already taking effect, calls for a substantial shift in
our asset mix, away from residential mortgages and towards higher yielding
commercial loans and commercial mortgages. On what we feel are appropriate
assumptions, we believe this material shift in our asset mix will deliver
substantially superior earnings performance over the coming years.





Why this is Not the Time to Sell

The Board of Directors feels that the Bank is now at the lower end of an
earnings cycle, and that earnings will improve substantially over the coming
years, driven by the shift in our asset mix towards commercial lending. The
Board of Directors also feels that the earnings environment for community banks
in general, including our Bank, is unusually challenging at the current time. As
a result, the Board of Directors is convinced that selling today, given our
currently depressed earnings, is not in the shareholders best interests. Rather,
the Board is convinced that working through this difficult earnings environment,
and implementing the shift in our asset mix, will maximize shareholder value.

Frank A. Kissel, Chairman and CEO of the Company, stated: "Our Board, which
includes 7 outside directors, voted 10-0 today that the long-term plan now in
effect will deliver superior shareholder value to that obtainable by way of a
sale at what we feel is the downside of our earnings cycle. The long-term plan
provides for a substantial shift in our asset mix, with an increased share to
commercial lending, which I believe will drive superior earnings growth over the
coming years. I am pleased that Peapack-Gladstone Bank will be in a position to
serve its local communities for years to come."

Mr. Kissel also stated: "I have a tremendous amount of respect for Mr. Weichert,
who has built Weichert Realtors into the major company it is today. I also share
his frustration in our current earnings. However, I feel that selling our
Company today would leave substantial shareholder value on the table."

***

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 view of future
performance, management's confidence and strategies and management's
expectations about new and existing programs and products, 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. Important factors that should be reviewed and carefully considered
are included in the company's 10-K, 10-Qs, and other reports filed with the SEC.
We assume no obligation for updating any such forward-looking statements to
reflect actual results, changes in assumptions or other changes affecting such
forward-looking statements.