The president of Peapack-Gladstone Financial's (PGC) wealth management unit is retiring.

Craig Spengeman will step down from his roles as president and chief investment officer of Peapack-Gladstone Bank Trust & Investments, and executive vice president of the parent company and the bank, at the beginning of 2014, Peapack-Gladstone announced Tuesday. The company is conducting a search for his replacement.

Peapack-Gladstone has $1.7 billion of assets and is based in Bedminster, N.J.

Spengeman joined Peapack-Gladstone in 1985, according to the news release.

Spengeman "has served the company well for many years, and has guided the wealth management division to fulfill its mission of providing value to stockholders through extraordinary client service," Doug Kennedy, Peapack-Gladstone's president and chief executive, said in the news release.

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