Peapack-Gladstone Financial in Bedminster, N.J., is considering additional acquisitions in wealth management after raising $50 million in subordinated debt.
The $3.5 billion-asset company could also use the money for general corporate purposes and to support regulatory capital to fund future growth. Peapack-Gladstone bought Wealth Management Consultants, a Morristown, N.J., firm that specialized in serving ultra-high-net-worth customers, last year.
The fixed-to-floating subordinated notes will mature in 2026, Peapack-Gladstone said Thursday. The notes will have a 6% annual interest rate until 2021 and will then reset quarterly to a floating rate.
"Continued loan growth, albeit at a slower pace than the past several years, as well as potential strategic wealth acquisitions, are a part of the bank's strategic plan," Doug Kennedy, Peapack-Gladstone's president and chief executive, said in a press release.
Sandler O'Neill was the sole book-running manager. Keefe, Bruyette & Woods acted as the co-manager.