UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐
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Item 8.01. |
Other Events. |
On September 3, 2020, Peapack-Gladstone Bank, the wholly owned subsidiary of Peapack-Gladstone Financial Corporation (the “Company”), announced the sale of $354.9 million of Paycheck Protection Program loans to the Loan Source, Inc. The Bank expects to realize a pre-tax gain of approximately $7.4 million in the current quarter as a result of the sale. After giving effect to the sale, Peapack-Gladstone Bank will hold approximately $203.5 million of Paycheck Protection loans, almost all of which exceed $2.0 million in original principal amount.
The Loan Source and its servicing partner, ACAP SME, LLC, have invested heavily in technologies and personnel to aid PPP borrowers through the forgiveness process via an online portal.
The Bank expects the sale of the PPP loans to allow a return to a more normal course of business, freeing up staff to focus on traditional lending efforts and providing excellent service to their clients.
FORWARD-LOOKING STATEMENTS
This report 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.
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.
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PEAPACK-GLADSTONE FINANCIAL CORPORATION |
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Dated: |
September 3, 2020 |
By: |
/s/Jeffrey J. Carfora |
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Name: |
Jeffrey J. Carfora |
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Title: |
Senior Executive Vice President and |
Document and Entity Information |
Sep. 03, 2020 |
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| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Sep. 03, 2020 |
| Entity Registrant Name | PEAPACK-GLADSTONE FINANCIAL CORPORATION |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0001050743 |
| Entity File Number | 001-16197 |
| Entity Incorporation, State or Country Code | NJ |
| Entity Tax Identification Number | 22-3537895 |
| Entity Address, Address Line One | 500 Hills Drive |
| Entity Address, Address Line Two | Suite 300 |
| Entity Address, City or Town | Bedminster |
| Entity Address, State or Province | NJ |
| Entity Address, Postal Zip Code | 07921 |
| City Area Code | 908 |
| Local Phone Number | 234-0700 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common |
| Trading Symbol | PGC |
| Security Exchange Name | NASDAQ |
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