Peapack-Gladstone Financial Corporation Announces Enhancements in Light of Tax Reform Benefits
February 08 2018 - 10:00AM
Peapack-Gladstone Financial Corporation (NASDAQ Global Select
Market: PGC) announced that as a result of the reduction in
corporate taxes from the Tax Cuts and Jobs Act, as previously
announced in the Company’s Form 8-K dated January 18, 2018, the
Company will reinvest up to 25% of that tax benefit in the
Company’s people, processes, systems, client services and/or
communities it serves.
These benefits include, but are not limited
to:
· Salary
adjustments for the lower 25th percentile of staff based on salary
level;
· A bonus of
$1,000 to all full-time employees below the Executive Leadership
Team level, with $500 given to all part-time employees;
·
Approximately 20% increase in contributions and community support
spending;
· Enhancing
the Company’s online and mobile banking capabilities;
· Streamlining
and automating our commercial loan origination and underwriting
processes; and
· Expanding
the Company’s data analytics.
“Our employees make us who we are and as leaders,
we feel it is important to reward them for their hard work,” stated
Doug Kennedy, President and Chief Executive Officer. He
continued, “The tax benefit gives us an opportunity to better
recognize the impact they make everyday.”
ABOUT THE COMPANY
Peapack-Gladstone Financial Corporation is a New
Jersey bank holding company with total assets of $4.26 billion as
of December 31, 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, Gladstone, Morristown,
Princeton and Teaneck, and a trust office in Greenville, DE,
Peapack-Gladstone Bank offers an unparalleled commitment to client
service through its private wealth management, commercial private
banking, retail private banking and residential lending divisions,
along with its online platforms.
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:
Jeffrey J. Carfora
Senior Executive Vice President and Chief Financial Officer
jcarfora@pgbank.com
908.719.4308
Peapack-Gladstone Bank
500 Hills Drive, Suite 300
Bedminster, NJ 07921
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