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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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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. ☐
Item 8.01. |
Other Events. |
On December 14, 2020, Peapack-Gladstone Financial Corporation, (the “Company”), parent company of Peapack-Gladstone Bank (the “Bank”), announced that the entire wealth management team of five employees from Lucas Capital Management (“the Lucas team”), a Red Bank, NJ wealth management firm, has joined Peapack Wealth Management, the Bank’s wealth management division. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The following should also be noted from a financial perspective:
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Upon joining, the Lucas team had approximately $230 million of Assets Under Management (“AUM”). |
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The Company believes that the business associated with the Lucas team will generally contribute approximately 60 basis points of AUM to revenue during the first full year after their date of hire. |
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The Company believes that the operating expenses associated with the employment of the Lucas team will run approximately 70 percent of revenue during the first full year after their date of hire. |
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No. |
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99.1 |
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104 |
Cover Page Interactive Date File (embedded within the Inline XBRL document) |
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 strategies and 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: |
December 18, 2020 |
By: |
/s/Jeffrey J. Carfora |
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Name: |
Jeffrey J. Carfora |
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Senior Executive Vice President and |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Subject Line: Ralf Sellig, Rob Vogel and Team from Lucas Capital Management Join Peapack Private Wealth Management
Photo Caption: (Left to right) Bruce Severance, Ralf Sellig, Brett Flynn, Kathleen Heine and Rob Vogel.
Bedminster, New Jersey – December 14, 2020 - Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), is proud to announce that Ralf Sellig and Rob Vogel from Lucas Capital Management, a Red Bank, NJ wealth management firm, along with their full team, have joined Peapack Private, the wealth management division of Peapack-Gladstone Bank.
“Adding a well-established wealth management team located at The Galleria in Red Bank, gives us on-the-ground presence in Monmouth County, a growing and desirable market, which Peapack-Gladstone Bank and Peapack Private plan to add to in 2021. I expect a seamless transition and welcome, Ralf, Rob, Brett, Bruce and Kathleen, along with their clients to our firm,” said John P. Babcock, President of Peapack Private.
Ralf Sellig has been with Lucas Capital since 2006 as a portfolio and risk manager. He began his career in 1988 at Bank of America in Frankfurt, Germany, at its Foreign Exchange and Money Market trading desk. In 1991, he moved to the Deutsche Bank trading Foreign Exchange. His increasing responsibilities at Deutsche Bank included heading trading desks in Frankfurt, Paris, Tokyo, and New York City. When Ralf left Deutsche Bank in 2006, he was a managing director running Global Currency Spot Trading out of New York.
Rob Vogel joined Lucas Capital in 2008. His responsibilities include portfolio management, energy-income research, and supporting Lucas’ private investments. Prior to joining Lucas, Rob was vice president and treasurer of Hess Corporation. In the treasurer role, he had global responsibility for capital markets, treasury operations, insurance, and managing the company’s $3 billion in pension plans. He spent 20 years at Hess in a variety of financial leadership roles. Working his way from financial analyst to senior financial executive, Rob has experience with a broad range of financial challenges. In addition to his role at Lucas, Rob is Chairman of the Board of Royale Energy, a California independent oil and gas company. He holds a Bachelor of
Science in Chemical Engineering from the University of Colorado and an MBA with distinction from New York University. Rob is active in providing leadership in the non-profit community serving as Chairman of the BlinkNow Foundation and Treasurer of the Barnegat Bay Yacht Racing Association. He is also a past board member of the Community Foundation of NJ and is the Chair of the Finance Committee at Mt. Horeb United Methodist Church.
Joining Ralf and Rob are Brett Flynn, Bruce Severance and Kathleen Heine.
Brett has been with Lucas Capital since 2000 and is a portfolio manager, analyst, and chief compliance officer. He began his career in 1995 at Merrill Lynch and then at McConnell, Bud, and Downes, a broker/dealer specializing in small-cap banks, as head equity trader before joining LCM. Brett received his Bachelor of Arts degree in History in 1995 from St. Lawrence University in Canton, NY and is a former options and securities principal.
Bruce joined Lucas Capital in July 2005. His primary role is as a portfolio manager. Prior to joining Lucas Capital, Bruce spent eight years as one of five portfolio managers with H. G. Wellington on Wall Street. Before that he spent 16 years with Smith Barney/Shearson. He started with Chase Manhattan Bank and had co-managed a family magazine subscription business. Bruce is a graduate of the South Kent School, Rutgers University, and did some graduate work at New York University.
Kathleen joined Lucas Capital at its inception in 1996 as the office manager and benefits administrator. She received her bachelor’s degree from Mt. St. Mary’s College. Kathleen began her career at Smith Barney where she ran the broker orientation program for over three years. She then transferred to the branch office as a client service manager. Kathleen’s top priority at Lucas is to provide superior client service.
“We are thrilled to join the highly respected wealth management division of a community bank that has been in business for nearly 100 years,” said Mr. Sellig. “This partnership will allow us to continue doing what we do best while expanding client services. As an integral part of the wealth management team, we will join with a first-class financial institution that shares the same obsession on the success of its clients as we do.”
About the Company
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.0 billion and assets under management and/or administration of $7.6 billion as of September 30, 2020. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, commercial and retail solutions, including residential lending and online platforms, to businesses and consumers. Peapack Private, the Bank’s wealth management division, offers comprehensive financial, tax, fiduciary and investment advice and solutions, to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service. Visit www.pgbank.com and www.peapackprivate.com for more information.
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Contact: Denise M. Pace-Sanders, Senior Vice President Brand and Marketing Director, dpace@pgbank.com, 908.470.3322, Peapack-Gladstone Bank, 500 Hills Drive, Suite 300, Bedminster, NJ 07921.
Document and Entity Information |
Dec. 14, 2020 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Dec. 14, 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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