Bedminster, NJ – (NewMediaWire) – September 03, 2020 – Peapack-Gladstone Bank, the
wholly owned subsidiary of Peapack-Gladstone Financial Corporation (NASDAQ
Global Select Market: PGC), 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.
employees worked around the clock to process thousands of PPP loan applications
over the past few months,” stated Doug Kennedy, President and CEO. “It’s been a
tremendous effort, and now it’s time to continue helping our clients navigate
the economic impact of COVID-19 by partnering with a long-standing and
respected SBA small business lending company, with deep knowledge and focus on
PPP, to take over the forgiveness and ongoing servicing process. We expect 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 our clients.”
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.
1921, Peapack-Gladstone Financial Corporation is a New Jersey bank holding
company with total assets of $6.3 billion, and wealth management assets under
management and/or administration of $7.2 billion as of June 30, 2020.
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. For over four generations,
Peapack Private, the Bank’s wealth management division, has offered
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 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.
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
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“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.
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.
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.
Denise M. Pace-Sanders, Senior Vice President Brand and Marketing Director,
firstname.lastname@example.org, 908.470.3322, Peapack-Gladstone Bank, 500 Hills Drive, Suite
300, Bedminster, NJ 07921.