Peapack-Gladstone Financial Corporation (NASDAQ: PGC) and its banking subsidiary, Peapack-Gladstone Bank, have achieved a significant milestone with the confirmation of their investment grade ratings by Moody's Investors Service. This affirmation follows a thorough review initiated in June, highlighting the entities' robust financial health and operational resilience.
Moody's has affirmed the Baa3 long-term local currency issuer rating for Peapack-Gladstone Financial Corporation and the baa2 baseline credit assessment (BCA) for Peapack-Gladstone Bank. The outlook for these ratings has been revised to 'stable' from 'ratings under review', signaling confidence in the company's and bank's financial strategies and market position.
The rating confirmation is a testament to the financial stability and strength of both the holding company and its banking subsidiary. Moody's comprehensive evaluation considered various factors, including the solid capital position of Peapack-Gladstone Financial Corporation and the improved funding and liquidity profile of the bank. These elements are critical in mitigating risks and ensuring sustained growth.
Douglas L. Kennedy, President and CEO of Peapack-Gladstone Financial Corporation, remarked on the significance of this achievement, noting it as a validation of the company's strategic direction and business model. This recognition is especially pertinent in today's economic environment, where the financial health of banking institutions is under intense scrutiny.
Further bolstering its financial credibility, Peapack-Gladstone Financial Corporation also holds an investment grade credit rating from Kroll Bond Rating Agency (KBRA), affirmed in May 2024. With total assets of $6.51 billion and assets under management and/or administration of $11.5 billion as of June 30, 2024, the company continues to demonstrate its capacity to navigate the complexities of the financial sector.
For more detailed information on Peapack-Gladstone Financial Corporation and its services, visit https://www.pgbank.com and https://www.peapackprivate.com. The full Moody's report is accessible at https://www.moodys.com for those interested in the specifics of the rating confirmation.
