Peapack Private Wealth Management Acquires Princeton Portfolio Strategies Group
July 01 2021 - 1:38PM
via NewMediaWire -- Peapack-Gladstone Financial Corporation
(NASDAQ Global Select Market: PGC), parent company of
Peapack-Gladstone Bank, finalized the acquisition of Princeton,
NJ-based Princeton Portfolio Strategies Group (PPSG) effective July
1, 2021.
The acquisition, the eighth for the Bank over the
last six years, represents an additional $520 million in assets
under management (AUM), and aligns PPSG with Peapack Private, the
Bank’s wealth management division, one of the largest trust
companies and wealth managers in NJ, with a market value of
approximately $9.4 billion of assets under administration (AUA) at
March 31, 2021.
The purchase elevates Peapack Private’s overall
delivery of wealth management and customized portfolio management
solutions and expands the broad range of experience its team of
wealth advisors, trust officers and portfolio managers provide to
clients looking to create, manage, increase and protect their
wealth.
“The opportunity to develop a more robust wealth
position in Princeton was very appealing to us,” said John P.
Babcock, President of Peapack Private. “The PPSG team is
solid, highly-skilled and experienced, and a complete complement to
our services and solutions.”
It is anticipated that the PPSG team will move to
Peapack Private’s current Princeton location at Carnegie Center in
Q3 or Q4 of this year, joining an established team of wealth
management and commercial lending professionals charged with
expanding the Bank’s reach in Mercer County.
Park Sutton Advisors LLC served as exclusive
financial advisor to Peapack-Gladstone Bank on this
transaction.
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 $9.4 billion as of
March 31, 2021. Founded in 1921, Peapack-Gladstone Bank is a
commercial bank that provides innovative wealth management,
investment banking, 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.
Contact: Denise M. Pace-Sanders, SVP
Managing Principal, Brand and Marketing Director, dpace@pgbank.com,
908.470.3322, Peapack-Gladstone Bank, 500 Hills Drive, Suite 300,
Bedminster, NJ 07921.
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