UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐
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Item 8.01. |
Other Events. |
On December 14, 2020, Peapack-Gladstone Financial Corporation, (the “Company”), parent company of Peapack-Gladstone Bank (the “Bank”), announced that the entire wealth management team of five employees from Lucas Capital Management (“the Lucas team”), a Red Bank, NJ wealth management firm, has joined Peapack Wealth Management, the Bank’s wealth management division. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The following should also be noted from a financial perspective:
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Upon joining, the Lucas team had approximately $230 million of Assets Under Management (“AUM”). |
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The Company believes that the business associated with the Lucas team will generally contribute approximately 60 basis points of AUM to revenue during the first full year after their date of hire. |
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The Company believes that the operating expenses associated with the employment of the Lucas team will run approximately 70 percent of revenue during the first full year after their date of hire. |
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
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99.1 |
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104 |
Cover Page Interactive Date File (embedded within the Inline XBRL document) |
FORWARD-LOOKING STATEMENTS
This report 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 strategies and 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.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PEAPACK-GLADSTONE FINANCIAL CORPORATION |
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Dated: |
December 18, 2020 |
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/s/Jeffrey J. Carfora |
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Name: |
Jeffrey J. Carfora |
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Title: |
Senior Executive Vice President and |