Peapack-Gladstone Financial Corp. to Acquire Murphy Capital Management

5/29/17

Peapack-Gladstone Financial Corporation (NASDAQ: PGC), parent company of Peapack-Gladstone Bank, announced today that it entered into an agreement to acquire Gladstone, NJ-based Murphy Capital Management, Inc. After up front transaction costs, the purchase will be immediately accretive to earnings.

Doug Kennedy, President and Chief Executive Officer of Peapack-Gladstone Bank commented, "We have found what we feel is the perfect match with MCM and are thrilled this leader in the wealth management space, that shares our geography, will partner with us by joining our private wealth management team."

Founded in 1983 by John J. Murphy, with the vision of providing a highly personalized and focused approach to money management for individuals, MCM adheres to a highly sophisticated and objective method to creating wealth and providing the proper asset allocation and risk evaluation for clients who seek a personal and long-term financial relationship. MCM has approximately $850 million in assets under management.

"MCM's advice-led business model is consistent with the vision of Peapack-Gladstone Bank and the commitment we have to providing objective, relationship-driven solutions that help individuals create a legacy by building, protecting and transitioning their wealth to future generations," said John P. Babcock, President of Private Wealth Management at Peapack-Gladstone Bank. He continued, "John and his experienced partners will greatly add to our current investment team and we look forward to harnessing our combined expertise for the benefit of our clients."

MCM offers a full suite of objective wealth management solutions, custom-tailored for high net worth individuals, businesses, corporations and not-for-profit organizations. The firm offers an expertise in setting asset allocation parameters, risk optimization, growth variables, income generation, and hedging strategies; managing joint, taxable, IRA and 401(k) rollovers, charitable remainder trusts and family trusts.

John J. Murphy, MCM Founder and Managing Partner stated, "We consider it a privilege to help our clients achieve their goals. We have, and always will, place our client's welfare above all else, with integrity and objectivity at the foundation of each relationship. I believe Peapack-Gladstone Bank has that same mentality. Uniting our firms will enhance two already best-in-class, solutions-based organizations."

With a current market value of approximately $3.8 billion under management and administration at March 31, 2017, the private wealth management division of Peapack-Gladstone Bank is one of the largest New Jersey-based trust company and asset managers, with offices in Bedminster, Morristown, Princeton and Teaneck, as well as a trust office in Greenville, Delaware. The MCM transaction solidifies the Bank's reputation as a leader in the private wealth management space and enhances its position as a premier boutique bank dedicated to providing customized, client-focused wealth management solutions for individuals, families and not-for-profit organizations.

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 the Company

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $3.95 billion as of March 31, 2017. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative private banking services to businesses, real estate professionals, 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.

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