Peapack-Gladstone Financial Corporation: Update following ratings being placed on review for downgrade
Our credit view of this issuer reflects its strong core deposit base and low historical loan losses, offset by its high CRE concentration and profitability constraints.Peapack-Gladstone Financial is a bank holding company. Through its subsidiary, Peapack-Gladstone Bank, the company provides private banking services to businesses, non-profits and consumers. In addition to commercial lending activities, the company provides consumer banking services, including checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts. The company also provides residential mortgages, home equity lines of credit and other second mortgage loans. Automated teller machines are available at various locations. Internet banking, including an online bill payment option and mobile phone banking, is available to clients.
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