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Peapack-Gladstone Names Douglas Kennedy as CEO


Peapack-Gladstone Financial (PGC) of Bedminster, N.J., has appointed a veteran banker as chief executive.

The $1.6 billion-asset bank holding company said Thursday that Douglas Kennedy will take over as CEO on Oct. 9.

Kennedy, 56, has served for roughly eight years as head of commercial banking in the Northeast region for Capital One Financial (COF).  He also has held a series of posts with North Fork Bank, Fleet Bank and Summit Bank throughout his 35 years in the banking industry.

Kennedy succeeds Frank Kissel, who will remain Peapack-Gladstone's chairman.

"Over the past several years the company has moved in a very positive direction, with strong overall performance and growth in earnings and stock price," Kennedy said in a news release.  "I look forward to the opportunity to grow the business and take the company to the next level of community banking."

In January, Peapack-Gladstone paid the last of the $29 million it received in January 2009 from the Troubled Asset Relief Program.  The company also paid $110,000 in April to repurchase a warrant held by the Treasury Department.

Peapack-Gladstone earned $2.7 million in the second quarter of 2012, up 40% from the same period a year earlier, according to regulatory filings.



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Image: Bloomberg

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