Peapack-Gladstone Financial Corporation Announces Enhancements in Light of Tax Reform Benefits
BEDMINSTER, NJ, Feb. 08, 2018 (GLOBE NEWSWIRE) --
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announced that as a result of the reduction in corporate taxes from the Tax Cuts and Jobs Act, as previously announced in the Company’s Form 8-K dated January 18, 2018, the Company will reinvest up to 25% of that tax benefit in the Company’s people, processes, systems, client services and/or communities it serves.
These benefits include, but are not limited to:
· Salary adjustments for the lower 25th percentile of staff based on salary level;
· A bonus of $1,000 to all full-time employees below the Executive Leadership Team level, with $500 given to all part-time employees;
· Approximately 20% increase in contributions and community support spending;
· Enhancing the Company’s online and mobile banking capabilities;
· Streamlining and automating our commercial loan origination and underwriting processes; and
· Expanding the Company’s data analytics.
“Our employees make us who we are and as leaders, we feel it is important to reward them for their hard work,” stated Doug Kennedy, President and Chief Executive Officer. He continued, “The tax benefit gives us an opportunity to better recognize the impact they make everyday.”
ABOUT THE COMPANY
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $4.26 billion as of December 31, 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.
Forward-Looking Statements
This press release may include forward-looking statements as defined by 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 "expect," "look," "believe," "anticipate," "may" or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from those described in this press release. You should not rely on forward-looking statements as a prediction of future events.
Additional information regarding factors that could cause actual results to differ materially from those discussed in any forward-looking statements are described in reports and registration statements we file with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, copies of which can be obtained without charge by visiting the SEC's website at www.sec.gov.
Peapack disclaims any obligation to update any forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based except as required by law.
Contact: Jeffrey J. Carfora Senior Executive Vice President and Chief Financial Officer jcarfora@pgbank.com 908.719.4308 Peapack-Gladstone Bank 500 Hills Drive, Suite 300 Bedminster, NJ 07921