Peapack Gladstone Financial Corp 8-K, filed Mar 11, 2020
Peapack Gladstone Financial Corp (PGC)
About this 8-K
Peapack Gladstone Financial Corp filed this 8-K on March 11, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of report (Date of earliest event reported) |
March 11, 2020 |
PEAPACK-GLADSTONE FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
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New Jersey |
001-16197 |
22-3537895 |
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(State or Other Jurisdiction |
(Commission |
(I.R.S. Employer |
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of Incorporation) |
File Number) |
Identification No.) |
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500 Hills Drive, Suite 300, Bedminster, New Jersey |
07921 |
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(Address of Principal Executive Offices) |
(Zip Code) |
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Registrant’s telephone number, including area code |
(908) 234-0700 |
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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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Common |
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PGC |
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The NASDAQ Stock Market, LLC |
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. ☐
INFORMATION TO BE INCLUDED IN THE REPORT
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Item 7.01 |
Regulation FD Disclosure |
Peapack Gladstone Financial Corporation (the “Company”) is furnishing presentation materials under Exhibit 99.1 to this report pursuant to Item 7.01 of Form 8-K concerning steps it has taken in response to the cornonavirus outbreak. The Company is not undertaking to update this presentation. The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 7.01 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. This report will not be deemed an admission as to the materiality of any information herein (including Exhibit 99.1).
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Item 9.01 |
Financial Statements and Exhibits |
(d) Exhibits
SIGNATURES
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: March 11, 2020 |
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By: |
/s/ Jeffrey J. Carfora |
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Jeffrey J. Carfora |
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Senior Executive Vice President and Chief Financial |
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Officer |
Response to the Recent Market Turmoil and the Coronavirus Outbreak Peapack-Gladstone Bank Exhibit 99.1
The Bank’s formal Pandemic Plan (consistent with the Centers for Disease Control and Prevention and the World Health Organization) has been activated. Key areas of focus: Employees and Clients Employees: Staggered work schedules Adopted remote working protocols, including client confidentiality Relaxed sick policy Suspended all discretionary business-related travel Monitoring employee travel Suspended volunteer and client event participation, while continuing financial support to community organizations All in-house meetings via conference call or WebEx Enhanced enterprise-wide sanitization efforts Partnering with local health departments to continually improve and adopt best-in-class protocols Increased internal and external communications Suspended all onsite 3rd party vendor meetings Clients: Elevated communication with clients Processes to enhance emergency overdrafts and over-limit advances in place As an SBA-Preferred Lender, prepared to quickly implement any emergency programs enacted by the government
Operating and Credit Risk Ongoing pandemic testing Daily Incident Response Team updates Key job functions identified and contingency plans expanded Elevated fraud and risk management Critical vendor pandemic monitoring Monitoring potential branch impact and contingency plan in place Coronavirus and energy-related exposures identified and monitored Will incorporate pandemic scenario into stress testing program Liquidity and Capital Liquidity: Balance sheet growth opportunity limited in current environment Interest rate floors implemented Focused on growing low-cost deposits Insured liquidity sweep product in place Increased pricing discipline Pricing reductions negotiated with clients Capital: Current stock repurchase program previously completed and consideration of new program on hold Focused on maintaining strong capital ratios Open to well-priced accretive wealth acquisitions
Net Interest Margin Through deposit rate reductions, captured approximately 90% of negative economics associated with the Fed rate decrease Aggressive deposit repricing strategy in place for subsequent rate reductions Implemented interest rate floors on loans for both floating and fixed Closely managing CD rollovers and MFL contractual repricing Peapack Private Wealth Management Intensified communications with clients Continuing our integration and technology investments Continuing to pursue well-priced and accretive acquisitions We are hopeful that the current market volatility will result in new business opportunities as people reassess their current advisor or question whether managing it on their own is the right thing to do.