PEAPACK GLADSTONE FINANCIAL Business Summary

Peapack-Gladstone Financial Corp (PGC) operates as a boutique financial services holding company primarily through its subsidiary, Peapack Private Bank & Trust. The company generates revenue through a dual-stream model: net interest income from its Banking segment—which includes commercial and industrial (C&I) lending, equipment finance, and commercial real estate—and fee-based non-interest income from its Peapack Private wealth management division. As of early 2026, the firm has solidified its expansion into the Metro New York market, leveraging a high-touch, "single point of contact" private banking model to serve high-net-worth individuals, non-profits, and middle-market businesses. PGC competes directly with regional institutions such as Valley National Bancorp, Provident Financial Services, and OceanFirst Financial, positioning itself as a specialized, wealth-centric alternative to traditional commercial banks by maintaining a high ratio of assets under management (AUM) relative to total bank assets. The leadership team is led by Douglas L. Kennedy, who has served as President and CEO since 2012, bringing a pedigree from senior roles at Capital One and North Fork Bank. Key executives include Senior EVP and CFO Frank A. Cavallaro, who directs financial strategy, and Executive VP and COO Robert A. Plante, who oversees the bank's digital and operational infrastructure. The firm’s core divisions are managed by John P. Babcock, President of Peapack Private Wealth Management, and Gregory M. Smith, President of Commercial Banking. The Board of Directors is chaired by F. Duffield Meyercord, a partner at Carl Marks Advisors, and the company maintains a strong institutional investor base including BlackRock, Vanguard, and Dimensional Fund Advisors. Founded in 1921, the company has successfully transitioned from its community banking roots into a sophisticated private wealth and commercial powerhouse.