Peapack-Gladstone closes $30M preferred stock, can issue $20M more by 2027

PEAPACK GLADSTONE FINANCIAL CORP

Initial $30M of 6% non-cumulative perpetual convertible preferred stock sold to affiliates of Strategic Value Bank Partners.
Company has right to sell additional $20M at $1,000/share through Dec 31, 2027; purchasers must buy.
Preferred stock convertible into common at $38/share (26.32 shares per $1,000 liquidation preference), non-callable for 5 years.
Proceeds for general corporate purposes: growth, acquisitions, debt reduction, and holding-company or bank-level investments.
Preferred stock expected to qualify as Tier 1 capital under applicable regulatory requirements.

item 1.01 item 3.02 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

PEAPACK GLADSTONE FINANCIAL CORP issued 30,000 shares of preferred stock to Strategic Value Investors, LP, and Strategic Value Private Investors II, LP for gross proceeds of $30.0 million.

Security: preferred stock
Shares: 30,000 shares
Purchaser: Strategic Value Investors, LP, and Strategic Value Private Investors II, LP
Consideration: gross proceeds of $30.0 million

Exact text from the filing

On March 26, 2026, the Company closed a private placement of 30,000 shares of Preferred Stock, resulting in gross proceeds of $30.0 million.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

PEAPACK GLADSTONE FINANCIAL CORP: Amended Certificate of Incorporation to create a new Series B Preferred Stock with specified designations, powers, preferences, and rights (effective 2026-03-24).

Change: charter amendment
Effective: 2026-03-24

Exact text from the filing

On March 24, 2026, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to amend its Certificate of Incorporation to revise Article III to create the Preferred Stock, which Certificate of Amendment sets forth the number of shares to be included in such new series and fixes the designation, powers, preferences, and rights of the shares of such series and any qualifications, limitations or restrictions thereof.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

PEAPACK GLADSTONE FINANCIAL CORP entered into Purchase Agreement with Strategic Value Investors, LP and Strategic Value Private Investors II, LP valued at 30,000 shares of 6.00% Non-Cumulative Perpetual Convertible Preferred Stock, Series B for $30.0 mill (effective 2026-03-26).

Action: entry
Agreement: equity purchase
Counterparty: Strategic Value Investors, LP and Strategic Value Private Investors II, LP
Value: 30,000 shares of 6.00% Non-Cumulative Perpetual Convertible Preferred Stock, Series B for $30.0 mill
Effective: 2026-03-26

Exact text from the filing

The shares were sold pursuant to a Purchase Agreement (the “Purchase Agreement”), dated March 26, 2026, by and among Strategic Value Investors, LP, and Strategic Value Private Investors II, LP (together, the “Purchasers”) and the Company.

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PEAPACK GLADSTONE FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001193125-26-125298

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