Peapack-Gladstone Financial Corporation (NASDAQ: PGC), parent company of Peapack-Gladstone Bank, is pleased to announce that it has completed the acquisition of Fairfield, NJ-based Quadrant Capital Management, LLC, effective November 1, 2017.
Founders Jeff Fisher and Jim Kearney will remain as Chairman and President, respectively, of the new Peapack-Gladstone Bank subsidiary -- Quadrant Capital Management. Their entire team of accomplished employees will remain with Quadrant and join Peapack-Gladstone Bank's growing wealth management organization.
"We are happy to have completed our second wealth management acquisition of 2017 and are anxious to begin working with the Quadrant team," said John P. Babcock, President of Private Wealth Management at Peapack-Gladstone Bank. He continued, "Together, we are committed to helping our clients by providing advice-led solutions to help them manage their wealth and secure their legacies."
With a combined market value of approximately $4.8 billion of client assets under management and administration at September 30, 2017, the private wealth management division of Peapack-Gladstone Bank is the largest New Jersey-headquartered, bank-owned trust company in the state. This is the third wealth management acquisition made by Peapack-Gladstone Financial Corporation since 2015.
Park Sutton Advisors LLC served as financial advisor and McElroy, Deutsch, Mulvaney & Carpenter LLP served as legal counsel to Peapack-Gladstone Bank on this transaction.
About the Company
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $4.18 billion as of September 30, 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, Gladstone, Morristown, Princeton and Teaneck, and a trust office in Greenville, DE, Peapack-Gladstone Bank offers an unparalleled commitment to client service through its private wealth management, commercial private banking, retail private banking and residential lending divisions, along with its online platforms.