Peapack Gladstone Financial Corp 8-K, filed Dec 18, 2020
Peapack Gladstone Financial Corp (PGC)
About this 8-K
Peapack Gladstone Financial Corp filed this 8-K on December 18, 2020, reporting on events of December 14, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
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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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. ☐
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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 Scott P. Noyes and Leigh Anderson from Noyes Capital Management, LLC, a New Vernon, NJ wealth management firm, have joined Peapack Private 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, Mr. Noyes and Ms. Anderson had nearly $130 million of Assets Under Management (“AUM”). |
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The Company believes that the business associated with Mr. Noyes and Ms. Anderson 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 Mr. Noyes and Ms. Anderson will run approximately 70 percent of the revenue generated by them during the first full year after their date of hire. |
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
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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 |
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/s/Jeffrey J. Carfora |
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Jeffrey J. Carfora |
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Senior Executive Vice President and |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Subject Line: Peapack Private Wealth Management Hires Team from Noyes Capital Management
Photo Caption: Scott P. Noyes and Leigh Anderson
Bedminster, New Jersey – December 14, 2020 - Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), and Peapack Private Wealth Management are proud to announce that Scott P. Noyes and Leigh Anderson, from Noyes Capital Management, LLC, a New Vernon, NJ wealth management firm, have joined the organization.
“We continue to prioritize building out a robust wealth management team to support clients and grow our business,” said John P. Babcock, President of Peapack Private. “Scott and Leigh are joining the firm at the perfect time. As with other wealth advisors that have joined us, their focus is on the client and doing the right thing, so I expect their transition to Peapack Private to be seamless.”
Scott Noyes, CFA® CFP®, a resident of New Vernon, has over 30 years of experience in the securities industry. He spent twenty years at Aubrey G. Lanston & Co., a primary dealer of U.S. Treasury securities, where he started as a financial advisor and was ultimately promoted to become the President of the firm. During his twenty years with Lanston, Scott worked extensively with the firm’s high-net-worth clients, hedge funds, money managers, pension funds and banks.
In 2003 Scott established Noyes Capital Management, LLC with the goal of providing wealth management services for affluent individuals and families. With particular strength in investments and portfolio design, Scott is a Chartered Financial Analyst® and a CERTIFIED FINANCIAL PLANNER™ professional. These credentials and several more were earned over thirty years in the investment industry.
Scott received his M.B.A. from the University of Chicago and his undergraduate degree from Knox College where he majored in Economics and minored in Mathematics. He was previously a member of the Chicago Board of Trade and Chicago Mercantile Exchange. He is currently a member of numerous industry associations including the National Association of Personal Financial Advisors (NAPFA), The Financial Planning Association (FPA), and The CFA Institute.
Joining Scott is Leigh Anderson. Leigh has over 20 years’ experience in financial services, accounting, marketing and operations. She joined Noyes in 2005 and was responsible for managing the office and assisting in client reporting, financial planning, compliance, mutual fund research, special client projects and overall confidential maintenance of client information, correspondence and other records.
Before joining Noyes, Leigh worked at Day Pitney LLP where she was a Fiduciary Accountant, specializing in trust and estate planning and administration. Previous to that, Leigh was with Merrill Lynch where she held positions in marketing and operations supporting high-net-worth clients. Leigh also worked in philanthropic financial services, assisting clients with the establishment of charitable trusts. Leigh received her B.A. from Lehigh University, where she majored in Economics.
“Leigh and I are excited to join Peapack Private and to begin exposing clients to an enhanced range of capabilities,” noted Scott. “We know we are joining a first-class financial institution that shares our goal of delivering personalized financial planning, prudent investment management and the same dedication to great client service that we have always had.”
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.