Peapack-Gladstone Financial Corporation (NASDAQ: PGC) the parent corporation of Peapack-Gladstone Bank (the "Bank"), today announced that it closed on $50 million of its Fixed-to-Floating Subordinated Notes due June 30, 2026. The Notes will bear interest at a rate of 6% per annum to June 30, 2021. Thereafter and through maturity or earlier redemption, the interest rate shall reset quarterly to the then current three-month LIBOR rate plus 485 basis points.

The Company intends to use the net proceeds from this offering for general corporate purposes, including investment in the Bank as regulatory capital to fund future growth and potential strategic acquisitions.

Doug Kennedy, President and CEO, commented, "Continued loan growth, albeit at a slower pace than the past several years, as well as potential strategic wealth acquisitions, are a part of the Bank's strategic plan. Further, the Subordinated Note offering was included in our Plan and Budget for 2016. We are very pleased with the execution of this offering. The investment grade rating from Kroll Bond Rating Agency, coupled with the high level of interest in our offering, reflects the soundness of our Strategy and Plan."

Sandler O'Neill + Partners, L.P. acted as the sole book-running manager and Keefe, Bruyette & Woods, A Stifel Company acted as the co-manager for the Notes offering.

About the Company

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with approximately $3.5 billion in assets as of March 31, 2016. 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, its wealth management division, and its branch network and online platforms, Peapack-Gladstone Bank offers an unparalleled commitment to client service.