Doug Kennedy, President and CEO of Peapack-Gladstone Bank, Addresses Recent Events Within the Banking Industry

BEDMINSTER, NJ, April 24, 2018 -- President and Chief Executive Officer of Peapack-Gladstone Bank (NASDAQ Global Select Market:  PGC), Doug Kennedy, for the second time in just a few short years, has been moved to address the recent headlines associated with abuses in the banking industry.  

Doug Kennedy, President and CEO of Peapack-Gladstone Bank

“With the recent announcement about a nationally known bank being fined $1 billion for home and auto loan abuses toward its clients, I’m compelled to speak out yet once again,” stated Doug Kennedy.  “I’ve said it before and I can’t believe I’m in a position of having to say it again, but this behavior from a financial institution is outrageous, and I think clients deserve better.” 

Doug continued, “Like every community bank, our approach to banking has been the same for more than 95 years.  We treat our clients with respect and dignity, and pride ourselves on offering solutions, not just products that generate income for the bank.  We subscribe to the idea that clients deserve better than being forced into products they don’t need or that won’t help them succeed. Shouldn’t all financial institutions operate on this basis?”  

Research shows that big bank clients are disappointed and dissatisfied with how they are treated, but they put up with national banks because they want convenience and the latest technology. Local banks, like Peapack-Gladstone Bank, offer an alternative – a client-focused, advice-led personal approach – versus the impersonal service and unethical behavior of their larger counterparts.

Peapack-Gladstone Bank and many other more community focused institutions offer the same benefits, products, technologies and solutions as the larger nationally known banks, but these institutions offer local perspective and more personalized contact which, as in the case of Peapack-Gladstone Bank, is backed by almost 100 years of doing business this way. 

“We want consumers and businesses to know that there is an alternative to the big banks.  You can work with people who put your best interests at the center of the conversation.  There are actually bankers that do the right thing,” insisted Kennedy. “Community banks are competitive in product and rate, but more importantly we believe in our communities and we serve them with integrity and a commitment that the big mega banks just don’t offer.”   

Kennedy continued, “Peapack-Gladstone Bank was founded with the goal of serving its clients better.  We have been providing thoughtful financial advice for generations. And, we are successful because our clients know they can trust us.”  As the president and CEO, Kennedy encourages anyone who feels they deserve more from their current national bank to consider local options. A great local bank like Peapack-Gladstone Bank will always have its clients’ best interests in mind.  Peapack-Gladstone Bank believes in honest and valuable partnerships, and that relationships are built on trust, integrity and transparency in every interaction. 

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $4.26 billion as of December 31, 2017.  Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative private banking services to businesses, non-profits and consumers, which help them to establish, maintain and expand their legacy.  Through its private banking locations in Bedminster, Morristown, Princeton and Teaneck, along with its private wealth management, commercial private banking, retail private banking and residential lending divisions and online platforms, Peapack-Gladstone Bank offers an unparalleled commitment to client service.

A photo accompanying this release is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/bff6f808-2ec4-495f-90a9-e55d74120dbd

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Contact:  
Denise Pace-Sanders
Senior Vice President, Brand and Marketing Director 
Peapack-Gladstone Bank
500 Hills Drive, Suite 300
Bedminster, NJ  07921 
[email protected]
(908) 470-3322.