Peapack-Gladstone Financial Corporation Announces Executive Management Changes PGFC Reiterates Commitment to Providing Differentiated, Customized Community

Banking Services and Trust and Asset Management as the Centerpieces

of Its Overall Strategy



    GLADSTONE, N.J., Dec. 19 /PRNewswire/ -- The Board of Directors of
 Peapack-Gladstone Financial Corporation (Amex:   PGC) today announced that Frank
 A. Kissel was named chairman of the board in addition to his current duties as
 chief executive officer.  Robert M. Rogers and Craig C. Spengeman were also
 elected to the Board of Directors.  In addition, the board announced that T.
 Leonard Hill will serve as Chairman Emeritus and active director of the board.
     Further executive appointments made by the board include Robert M. Rogers
 as president and chief operating officer; Arthur F. Birmingham, executive vice
 president and chief financial officer; and Craig C. Spengeman, president and
 chief investment officer of PGB Trust & Investments.
     The appointments are effective January 1, 2002.
     Mr. Hill has served on the Bank's board since 1944 and as chairman since
 1989.  Mr. Kissel has served as president and chief executive officer since
 1989 before taking the position of Chairman of the Board.  Robert M. Rogers
 served as the Bank's chief financial officer from 1987 through 1996 before
 being appointed chief operating officer.  Craig C. Spengeman joined PGB Trust
 and Investments sixteen years ago when assets were $39 million under
 management compared to today's more than $1 billion in assets under
 management.  Art Birmingham, executive vice president and chief financial
 officer, joined Peapack-Gladstone Bank five years ago as its chief financial
 officer.  "Art has been very instrumental in the development of our business,"
 Mr. Kissel stated.
     Mr. Kissel stated: "We have a business model that clearly works and these
 changes will enable us to leverage the existing management team's
 responsibilities to better reflect and address the needs of our banking and
 asset management businesses. These changes in executive management recognize
 the importance of our two primary businesses."
     He continued: "This team has been responsible for many of our past
 successes and for our future planning.  We look forward to future
 opportunities as we continue to grow as a leading independent institution in
 one of the Northeast's most affluent markets. Peapack-Gladstone will remain
 focused on providing differentiated, customized community banking services and
 trust and asset management as the centerpieces of its overall strategy for
 continued success and enhancement of shareholder value."
     Established in 1921, Peapack-Gladstone Bank has 15 branch offices located
 in Somerset, Hunterdon and Morris Counties.  A new full service branch in
 Clinton, Hunterdon County is scheduled to open in January 2002.  Current
 assets are more than $700 million and the FDIC insures deposits up to
 $100,000.  PGB Trust & Investments is the financial services division,
 headquartered at 190 Main Street, Gladstone, N.J., specializing in Trust,
 Estate Planning and Asset Management services with over $1 billion in assets.
 To learn more about Peapack-Gladstone Financial Corporation and its services,
 please visit their web site at http://www.pgbank.com or call 908-234-0700.
 
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SOURCE Peapack-Gladstone Financial Corporation

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