Peapack-Gladstone Financial Corporation to Acquire Quadrant Capital Management, LLC

On Sep 15, 2017

Bedminster-based Peapack-Gladstone Financial Corporation, parent company of Peapack-Gladstone Bank, has entered into an agreement to acquire Fairfield-based Quadrant Capital Management, LLC. After up front transaction costs, the company anticipates that the purchase will be immediately accretive to earnings. The transaction is expected to close in the fourth quarter of 2017.

Established in 2001 by Jeff Fisher and Jim Kearney, both formerly of JP Morgan, Quadrant is a boutique wealth management firm that offers sophisticated financial planning, investment, tax, retirement and insurance advice and services to its clients. The institution currently has over $400 million in client assets under management.

“Quadrant and Peapack-Gladstone Bank are both committed to helping clients manage their wealth, plan for the future, navigate risk and provide for future generations,” said John P. Babcock, President of Private Wealth Management at Peapack-Gladstone Bank. He continued, “Quadrant has a high-quality team of professionals with a deep understanding of the investment management and financial planning processes. Fundamentally our philosophies are the same, and we are excited to be able to attract this team of professionals to be part of the Peapack-Gladstone Bank’s growing wealth management organization.”

“We are delighted to join forces with Peapack-Gladstone Bank. This combination enhances Quadrant’s ability to meet client needs through access to trust and banking services, while assuring our clients of long term continuity in the management of their financial affairs,” said both Jeff Fisher and Jim Kearney from Quadrant.

The private wealth management division of Peapack-Gladstone Bank is one of the largest trust company and asset managers in New Jersey, with a current market value of approximately $4.7 billion of assets under management and administration at August 31, 2017. Geographically, the Quadrant transaction offers an ideal location to complement the Bank’s wealth management presence in NJ. Along with the July 31, 2017 acquisition of Murphy Capital Management, this acquisition supports the Bank’s overall wealth management growth strategy.

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.

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