Home Banking Peapack-Gladstone traces up one other wealth administration acquisition

Peapack-Gladstone traces up one other wealth administration acquisition

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Peapack-Gladstone Monetary in Bedminster, New Jersey, has agreed to purchase Princeton Portfolio Methods Group, a wealth administration agency in Princeton, New Jersey, with $550 million of belongings beneath administration.

The $6 billion-asset Peapack mentioned in a press launch Thursday that it expects to finish the acquisition within the third quarter. It didn’t disclose the value it paid.

The deal is predicted to be instantly accretive to Peapack’s earnings.

Princeton Portfolio Methods Group’s eight-person group is predicted to affix Peapack Personal, Peapack’s wealth administration unit.

Peapack Personal and Princeton Portfolio Methods Group keep places of work in the identical workplace park. That proximity paved the best way for a more in-depth relationship, John Babcock, Peapack Personal’s president, mentioned within the launch.

“We had been capable of set up a fast and straightforward connection,” Babcock mentioned.

The merger “will permit us to speed up our progress within the extremely fascinating” Princeton market, Babcock added. Princeton’s median family earnings is about $138,000, in comparison with the nationwide common of $68,000, based on the Census Bureau.

Thursday’s deal is the sixth involving a New Jersey-based wealth administration agency that Peapack has introduced since 2014. It’s additionally exploring enlargement alternatives in New York and Florida.

Peapack reported $9.4 billion of belongings beneath administration on March 31, up 7% from the tip of 2020. First-quarter wealth administration charges of $12.1 million had been up 22% from a 12 months earlier.

Wealth administration charges made up roughly 1 / 4 of Peapack’s $49.6 million of first-quarter income. The common is 5% for the banking industr, based on information compiled by the Federal Deposit Insurance coverage Corp.

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