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Bedminster, New Jersey, March 19, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Peapack-Gladstone Bank, the wholly owned subsidiary of Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), has announced precautionary measures intended to mitigate the impact of the COVID-19 virus on its employees, clients and communities.
“Our main concern is the health and well-being of our employees and their families,” stated Douglas L. Kennedy, President and Chief Executive Officer. “Our employees’ health and well-being is essential to supporting our clients during this difficult time, as well as the communities where we live and work. We are taking precautions and making necessary adjustments in everyday operations and interactions to safeguard everyone. And, we remain committed to reacting responsibly to this evolving situation.”
The Bank has a long history of appropriately managing risk, while supporting clients during times of economic stress. The Holding Company and the Bank have investment grade ratings from both Moody’s and Kroll Bond Rating Agency. These ratings reflect a thoughtful, well-diversified business model, along with strong levels of both capital and liquidity. Given this solid financial profile, the Bank believes it is well-positioned to provide clients the necessary support during this crisis.
“We have elevated our client communications, offering tailored and flexible solutions that will accommodate increased working capital and liquidity needs,” Kennedy said.
In addition, streamlined processes to enhance emergency overdrafts and over-limit advances have been put in place. As an SBA Preferred Lender, the Bank is prepared to quickly implement any emergency programs enacted by the government, to support affected small businesses. The Bank also offers an Insured Liquidity Sweep account, which provides millions of dollars in FDIC insurance, beyond $250,000, for clients seeking daily liquidity and safety.
In support of the recommendations of public health authorities and to encourage “social distancing,” Peapack-Gladstone Bank has modified branch operations and has temporarily eliminated lobby services at all locations. Drive-up services remain fully operational, along with the Bank’s entire ATM network; including its surcharge free ATM program through Allpoint. All online services remain operational as well, and clients are encouraged to continue to leverage PGB NetAccess Online Banking and Mobile Banking solutions. Clients who require access to safe deposit boxes, or have other in-person needs, are being accommodated through appointments.
A comprehensive list of Peapack-Gladstone Bank retail, wealth management and ATM locations is available at www.pgbank.com.
For the safety of its employees, the Bank has proactively adopted the following precautions:
· Relaxed sick, carry over and PTO day policies.
· A rotating remote work schedule to limit interactions of large groups of employees and encourage social distancing.
· All discretionary business travel has been suspended, and the Bank is monitoring all personal travel.
· Employee volunteer efforts have been suspended.
· Sanitization efforts enterprise-wide have been increased.
· Remote working technologies, like virtual meetings, are being leveraged.
· All on-site third-party vendor meetings have been suspended.
One of the Bank’s Core Principles is supporting the community by proactively reinvesting in the areas with the greatest need. And, although employee volunteer efforts have been suspended, the Bank will continue to support the non-profit community during this time, by providing additional funds to organizations hit hard by the pandemic. Peapack-Gladstone Bank is proud of its commitment to the areas where its employees and clients live, work and play, and understands these organizations will face challenges in the days and months ahead. Peapack-Gladstone Bank is proud of its nearly 100-year-old heritage of standing behind its local communities in times of need; today is no different.
The Company previously addressed many of these initiatives in an investor deck, which was filed with the SEC on March 11, 2020.
ABOUT PEAPACK-GLADSTONE BANK
Founded in 1921, Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $5.2 billion and wealth management assets under management and/or administration of $7.5 billion as of December 31, 2019. 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 dedication and service. Visit www.pgbank.com and www.peapackprivate.com for more information.
The foregoing may contain forward-looking statements within the meaning of 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. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:
· our inability to successfully grow our business and implement our strategic plan, including an inability to generate revenues to offset the increased personnel and other costs related to the strategic plan;
· the impact of anticipated higher operating expenses in 2020 and beyond;
· our inability to successfully integrate wealth management firm acquisitions;
· our inability to manage our growth;
· our inability to successfully integrate our expanded employee base;
· an unexpected decline in the economy, in particular in our New Jersey and New York market areas;
· declines in our net interest margin caused by the interest rate environment and/or our highly competitive market;
· declines in value in our investment portfolio;
· higher than expected increases in loan and lease losses or in the level of nonperforming loans;
· changes in interest rates;
· decline in real estate values within our market areas;
· legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) that may result in increased compliance costs;
· successful cyberattacks against our IT infrastructure and that of our IT, customers and third-party providers;
· higher than expected FDIC insurance premiums;
· adverse weather conditions;
· our inability to successfully generate new business in new geographic markets;
· our inability to execute upon new business initiatives;
· a lack of liquidity to fund our various cash obligations;
· reduction in our lower-cost funding sources;
· our inability to adapt to technological changes;
· claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters;
· our inability to retain key employees;
· a reduction in demand for loans and deposits in our market areas;
· adverse changes in securities markets;
· changes in accounting policies and practices;
· effects related to a prolonged shutdown of the federal government which could impact SBA and other government lending programs; and
· other unexpected material adverse changes in our operations or earnings.
Except as may be required by applicable law or regulation, the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements.
Denise M. Pace-Sanders