PEAPACK GLADSTONE FINANCIAL CORP 8-K

What Happened
Peapack-Gladstone Financial Corporation announced in an 8-K that it has notified UMB Bank, as trustee, of its intent to redeem all $100,000,000 in aggregate principal of its 3.50% Fixed-to-Floating Rate Subordinated Notes due December 22, 2030. The redemption price is 100% of principal plus accrued and unpaid interest to, but excluding, the date of redemption, which is expected to occur on or about March 2, 2026. The company stated it will remain well capitalized following the redemption.

Key Details

• Total principal to be redeemed: $100,000,000.
• Note terms: 3.50% Fixed-to-Floating Rate Subordinated Notes due December 22, 2030.
• Redemption price: 100% of principal plus accrued and unpaid interest to (but excluding) the redemption date.
• Trustee notified: UMB Bank; expected redemption on or about March 2, 2026.

Why It Matters
This action will remove $100 million of subordinated debt from Peapack-Gladstone’s balance sheet when completed and will result in payment of principal and accrued interest to noteholders. The company’s explicit statement that it will remain well capitalized addresses investor and regulatory capital considerations tied to such subordinated instruments.