SOURCE: Peapack-Gladstone Financial Corporation

Peapack-Gladstone Financial Corporation

August 01, 2017 09:11 ET

Peapack-Gladstone Financial Corporation Acquires Murphy Capital Management, Inc.

BEDMINSTER, NJ--(Marketwired - Aug 1, 2017) - Peapack-Gladstone Financial Corporation (NASDAQ: PGC), parent company of Peapack-Gladstone Bank, is pleased to announce that it has completed the acquisition of Gladstone, NJ-based, Murphy Capital Management, Inc. (MCM), a SEC Registered Investment Adviser, effective August 1, 2017. 

John J. Murphy, founder of MCM, will continue as President of Murphy Capital Management, a subsidiary of Peapack-Gladstone Bank. Senior portfolio managers Peter J. Lewis, Joe W. Kwok and Cameron S. Murphy, will continue in their current roles at MCM as Senior Managing Directors.

"We are happy to have found a like-minded organization, with experienced and talented employees, that fits well into our wealth management business model," said John Babcock, President of Private Wealth Management at Peapack-Gladstone Bank. He continued, "John and his team have built a wealth management firm with an excellent reputation and a longstanding vision of providing highly personalized money management service and advice to high net worth families, individuals and not-for-profit entities. Uniting our firms allows us to continue offering best in class service, advice and solutions to our combined clients."

With a combined market value of approximately $4.7 billion of client assets under management and administration, and offices in Bedminster, Gladstone, Morristown, Princeton and Teaneck, as well as a trust office in Greenville, Delaware, the private wealth management division of Peapack-Gladstone Bank is the largest New Jersey-headquartered, bank-owned trust company in the state. This is the second wealth management acquisition made by Peapack-Gladstone Financial Corporation since 2015.

Park Sutton Advisors LLC served as financial advisor and McElroy, Deutsch, Mulvaney & Carpenter LLP served as legal counsel to Peapack-Gladstone Bank on this transaction.

About Peapack-Gladstone Bank

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $4.17 billion as of June 30, 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, Morristown, Princeton and Teaneck, its private wealth management, commercial private banking, retail private banking and residential lending divisions, along with its online platforms, Peapack-Gladstone Bank offers an unparalleled commitment to client service.

Contact Information

  • Denise M. Pace-Sanders
    Senior Vice President Brand and Marketing Director
    Peapack-Gladstone Bank
    500 Hills Drive, Suite 300
    Bedminster, NJ 07921