Peapack Private Bank & Trust: a New Jersey bank expands its private-banking model

From village banking to trust relationships

Peapack Private Bank & Trust traces its business to a New Jersey institution founded in 1921 as Peapack-Gladstone National Bank. Its own history describes a community bank that quickly found a second role looking after local wealth: in November 1925 it reorganized as a trust company. The narrative also records a difficult Depression-era episode when directors and others bought troubled securities from the bank to support its capital. That history helps explain why trust services belong to the institution’s identity rather than appearing as a recent addition to an ordinary lending business. It is a bank-authored account, not an independently reconstructed account of every transaction during those years. [1]

The bank keeps its identity as the brand changes

The insured institution is Peapack Private Bank & Trust in Bedminster, New Jersey, FDIC certificate 11035. Its current classification is a state-chartered commercial bank that belongs to the Federal Reserve System. The certificate fixes the reporting boundary even when the public-facing name changes; it is the bank measured in the financial comparison below. [2]

The parent, Peapack-Gladstone Financial Corporation, was organized in 1997. Its 2025 annual filing identifies the bank as its principal subsidiary and dates the change from Peapack-Gladstone Bank to January 1, 2025. The listed parent and the deposit-taking subsidiary remain different legal entities. Consolidated shareholder results therefore cannot automatically substitute for the bank’s regulatory financial statements. [3]

A New York expansion takes physical form

The expansion has a documented regulatory milestone: on July 27, 2023, the Federal Reserve approved a branch at 300 Park Avenue in New York City. Approval authorized the proposed office; it did not establish when customers could start using it. That distinction matters when a bank’s strategy moves from recruiting teams and announcing plans to operating an actual location. [4]

The 2025 Form 10-K subsequently reports the flagship New York financial center opening in April 2025, alongside expansion into Westchester and Long Island. Management describes experienced private-banking teams, commercial lending and operating accounts as the engine of that effort. The customer proposition brings business owners’ banking and personal financial needs into one relationship. [3]

Wealth services contribute a different kind of revenue

The parent’s 2025 shareholder letter reports $13.1 billion of assets under management or administration and $63 million of wealth-management fee income for that year. These are client assets and group revenue, not extra assets belonging to the insured bank. The distinction is central to understanding the model: managing a customer’s investments can earn fees without the bank owning the investments. Those fees can broaden revenue beyond lending, although their value still depends on client retention and the markets in which customers invest. [5]

Business cash is part of the relationship

The treasury offering covers sweeps, zero-balance accounts, escrow administration, reporting and payment-fraud controls. These products connect a bank to the everyday movement of a business’s cash, rather than only to its next borrowing request. Peapack also offers an insured liquidity sweep that places funds at participating institutions. Its disclosure is explicit that the program itself is not an insured product: insurance attaches to eligible deposits at receiving banks, subject to the relevant limits and the customer’s other balances there. Service breadth is therefore different from an unlimited guarantee of every dollar placed through the relationship. [6]

A larger balance sheet at the June comparison

At June 30, 2025, the bank held $7.197 billion of assets and $6.380 billion of deposits. Net loans were $5.743 billion. This establishes the same-calendar-date base for the following year, rather than mixing a year-end parent balance sheet with a midyear bank filing. [7]

By June 30, 2026, assets reached $7.964 billion, deposits $7.064 billion and net loans $6.609 billion. Book equity was $700.239 million. The table uses millions of dollars, converted from FDIC thousands. Income and charge-offs cover January through June; the balance-sheet values are point-in-time amounts. [8]

Noncurrent loans are at least 90 days overdue or on nonaccrual status; the denominator is adjusted total loans. [9]

Scroll horizontally to see all columns.

Better headline credit measures still contain problem borrowers

The parent’s July 27, 2026 release says second-quarter credit-loss provision was $8.1 million, including amounts for loan growth and changes in specific reserves. It also reports $5.9 million in quarterly net charge-offs. Management characterized the pressure as isolated relationships rather than broad portfolio deterioration; that is management’s assessment. The release records a further $20 million preferred-stock issuance on July 24, after the June reporting date. It supports the group’s growth capacity, but it is not cash that can be retroactively included in the June bank balance sheet. [10]

The previous June’s noncurrent-loan ratio was 1.97% and first-half net charge-offs were $2.293 million. Reading those two measures together avoids treating the stock of unresolved loans as the same thing as losses recognized during a period. [7]

Community access and the limits of the snapshot

The Federal Reserve’s April 1, 2024 Community Reinvestment Act evaluation rated the bank Satisfactory, with High Satisfactory results for lending, investment and service. Examiners described good lending responsiveness and a leadership role in community-development lending, while judging borrower penetration adequate in parts of the analysis. This is a dated assessment of community-credit performance, not a safety-and-soundness rating or a prediction of future losses. It also predates the latest expansion. The bank’s evolution therefore has two dimensions: attracting larger, more complex relationships and continuing to meet the needs of the communities in which its offices operate. [11]

Sources

1. Peapack Private: Our Story; checked October 6, 2026SourceBack to text: ↑
2. FDIC institution directory, certificate 11035; checked October 6, 2026Official sourceBack to text: ↑
3. Peapack-Gladstone Financial Corporation, 2025 Form 10-KFiling / reportBack to text: ↑1↑2
4. Federal Reserve, July 27, 2023 approval of Peapack New York branchOfficial releaseBack to text: ↑
5. Peapack-Gladstone Financial Corporation, 2025 shareholder letterSourceBack to text: ↑
6. Peapack Private, liquidity and management solutions; checked October 6, 2026SourceBack to text: ↑
7. FDIC bank financials, June 30, 2025; certificate 11035; dollar fields in thousandsOfficial sourceBack to text: ↑1↑2
8. FDIC bank financials, June 30, 2026; certificate 11035; dollar fields in thousandsOfficial sourceBack to text: ↑
9. FDIC financial field definitions; checked October 6, 2026Official sourceBack to text: ↑
10. Peapack-Gladstone Financial, SEC-filed second-quarter earnings release, July 27, 2026Filing / reportBack to text: ↑
11. Federal Reserve, Peapack-Gladstone Bank CRA evaluation, April 1, 2024Official sourceBack to text: ↑