Peapack-Gladstone Financial Corporation Announces Repurchase of the Warrant Issued Under U.S. Treasury's Capital Purchase Program
BEDMINSTER, N.J., April 5, 2012 /PRNewswire/ -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Corporation") announced today that it has paid $110,000 to the U.S. Treasury to repurchase the Warrant previously issued in January 2009 under the Treasury's Capital Purchase Program ("CPP"). The Warrant allowed purchase of up to 150,295 shares of the Corporation's common stock.
Frank A. Kissel, Chairman and CEO, said "After repurchasing the final remaining portion of the original CPP preferred stock investment during the first quarter of 2012, we have now repurchased all of the preferred shares and the Warrant, completely from internally generated capital, without diluting existing shareholders. As we communicated many times in the past, this was our plan and we have been successful." Mr. Kissel also noted that he is pleased to have taken this last step to completely conclude the Corporation's participation in the CPP.
About the Corporation
Peapack-Gladstone Financial Corporation is a bank holding company with total assets of $1.60 billion as of December 31, 2011. Peapack-Gladstone Bank, its wholly owned community bank, was established in 1921, and has 23 branches in Somerset, Hunterdon, Morris, Middlesex and Union Counties. The Bank's Trust Division, PGB Trust and Investments, operates at the Bank's new corporate offices located at 500 Hills Drive in Bedminster and at four other locations in Clinton, Morristown and Summit, New Jersey and Bethlehem, Pennsylvania. To learn more about Peapack-Gladstone Financial Corporation and its services please visit our web site at www.pgbank.com or call 908-234-0700.
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, investments, relationships, opportunities and market conditions. These statements may be identified by such forward-looking terminology as "intend," "expect", "look", "believe", "anticipate", "may", or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, those risk factors set forth in the "Risk Factor" section of our Annual Report on Form 10-K for the year ended December 31, 2011 and subsequent Forms 10-Q. The Corporation assumes no obligation for updating any such forward-looking statements at any time.
Jeffrey J. Carfora, EVP and CFO
Peapack-Gladstone Financial Corporation
SOURCE Peapack-Gladstone Financial Corporation