Peapack-Gladstone Financial Corp. in Bedminster, N.J., announced Monday that it will exit the Troubled Asset Relief Program this week.
The $1.6 billion-asset Peapack-Gladstone intends to repay the remaining $14.5 million it received from the program on Wednesday and will use existing capital to do so. Over the last two years, the company has made two other payments to redeem the preferred shares it issued to the Treasury Department in January 2009
The Treasury still holds a warrant to purchase roughly 150,000 common shares at $28.63. Peapack-Gladstone's shares closed at $11.05 Monday.