Our Story

Peapack-Gladstone Bank’s history dates back to 1921 when Garner Hill founded the Peapack-Gladstone National Bank and opened our first branch, located adjacent to his hardware store in Gladstone, NJ. Mr. Hill was passionate about building an institution on a foundation of client service, trust and integrity. In 1921, deposit balances were recorded with passbooks and ledger cards and there were no debit or credit cards, no ATMs, no drive-in teller windows, no mobile banking, and no crypto currencies. (Of note, in 1921 there were six kinds of paper currency in the U.S. – United State Bank Notes, National Bank Notes, Federal Reserve Notes, Federal Reserve Bank notes, Gold Certificates and Silver Certificates).
 
By the end of 1925, PGNB was growing briskly and looking to expand its services. The surrounding area’s wealthy residents made the Trust business a natural choice. Thus, on November 30th, the bank reorganized as Peapack-Gladstone Trust Company with capital stock of $120,000 (well in excess of the state required minimum of $100,000) and ended the year with total bank assets of $542,189.
 
During the throes of the Great Depression, directors and others in the area agreed to purchase near-worthless securities in the bank’s investment portfolio for $73,984 to provide capital and keep the bank afloat. Concurrent with this recapitalization, the bank reorganized as Peapack-Gladstone Bank – the name and organization that remains to this day.
 
In 1972, PGB established today’s Trust Department. By year-end 1974, total client assets under administration in the trust department totaled $3.3 million.
 
From the 1970’s through the early 2000’s both the bank and the trust department grew significantly. New branches were established, the company moved its corporate headquarters two times and, in 2000, PGB made its first and only bank acquisition, acquiring Chatham Savings, FSB which had total assets of $79.6 mil:



($000s)



1980
1990
2000
2010
2018
Total Y/E Bank Assets
$42,252
$157,533
$568,413
$1,505,425
$4,617,858
Net Income
$604
$1,704
$7,708
$7,664
$44,170
Total Y/E Trust AUAs
Not Available
$145,016
$709,732
$1,904,404
$5,800,000
Under the leadership of the Board of Directors, in 2012 the bank recruited a new CEO , who, together with the entire management team, formulated and launched a strategy dubbed, “Expanding our Reach” - a vision that would transform the bank from a local community bank, with a local “trust and investment department”, to a high-performing, growth-oriented boutique private bank, capitalizing on our well-known local reputation for service and trustworthiness. Key to executing on this strategic plan was building a top-tier commercial banking business and greatly expanding our trust and investment capabilities.
 
Over the past 6+ years, a number of new leaders, bankers and staff joined PGB, excited by the vision, the energy and the team-based culture. From 2015 through 2018 we made four acquisitions of registered investment adviser firms to supplement the wealth management department’s double-digit organic growth. Through these acquisitions, we have added a number of highly accomplished new colleagues, new capabilities, new locations, and many new clients.
 
We have recently announced the “re-branding” of our combined investment, trust, fiduciary, tax, and financial planning business units and subsidiaries under a new name, Peapack Private Wealth Management.
 
Today, PPWM is the largest New Jersey-headquartered, bank-owned trust company in the state with $5.8 billion of client assets under management and administration. We have over 90 team members in our Bedminster, NJ headquarters and offices in Morristown, Princeton, Teaneck, New Providence, Gladstone, and Fairfield, NJ. We also have a trust office in Greenville, DE and a satellite office in Bonita Springs, FL. Peapack Private Wealth Management is comprised of our legacy bank trust and investment departments as well as a number of business units and subsidiaries that, collectively, provide comprehensive investment, trust & fiduciary, financial planning, and tax advice to individuals, families, privately-held businesses, family offices, and not-for-profit organizations. Recent acquisitions include:
  • 2019 - Point View Wealth Management, a fee-only registered investment adviser, located in Summit, NJ, provides clients with customized portfolio management services and offers comprehensive financial, retirement and educational planning solutions, as well as tax minimization and estate planning strategies.
  • 2018 - Lassus Wherley, a SEC Registered Investment Adviser and subsidiary of the Bank, with locations in New Providence, NJ, and Bonita Springs, FL, is a wealth management firm with expertise in financial planning, investment management, tax preparation, and trust services.
  • 2017 - Murphy Capital Management, a SEC Registered Investment Adviser and subsidiary of the Bank, located in Gladstone, NJ, provides a highly personalized and focused approach to money management for individuals.
  • 2017 - Quadrant Capital Management, a SEC Registered Investment Adviser and subsidiary of the Bank, located in Fairfield, NJ, partners with affluent individuals and families to grow and protect their assets.
  • 2015 - Wealth Management Consultants, a division of the Bank, located in Morristown, NJ, provides integrated and objective financial, investment and tax consulting for ultra high-net worth individuals and their families.
We are proud of our history and even prouder to have maintained the core principles and culture that were established in 1921, which have enabled our success over the last 98 years – Clients First, Professionalism, Invested In Our Communities, Teamwork and Competing To Win.