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Peapack-Gladstone investor tells company to find a buyer
By Lisa Kerner
Charlotte, N.C., March 15 - Peapack-Gladstone Financial Corp. investor James M. Weichert sent a letter to company chairman and chief executive officer Frank A. Kissel on March 9 demanding that the company seek an appropriate buyer, according to a schedule 13D filing with the Securities and Exchange Commission.
Weichert, the beneficial owner of 801,435 shares, or 9.7%, of Peapack-Gladstone, said he will seek out purchasers of the company himself if necessary.
The investor also asked that his letter to Kissel be read at the Thursday meeting of the company's board of directors.
As a result, Peapack-Gladstone said its board of directors voted 10 to 1 at the meeting to affirm its decision to remain an independent community bank. Director Anthony J. Consi, senior vice president of finance and operations at Weichert Realtors, did not participate in the meeting.
According to a new release, Peapack-Gladstone plans to move forward on a long-term plan for improved earnings and increased shareholder value.
"The long-term plan provides for a substantial shift in our asset mix, with an increased share to commercial lending, which I believe will drive superior earnings growth over the coming years," Kissel said in the release.
"I have a tremendous amount of respect for Mr. Weichert, who has built Weichert Realtors into the major company it is today. I also share his frustration in our current earnings. However, I feel that selling our company today would leave substantial shareholder value on the table."
Peapack-Gladstone Financial operates as the holding company for Peapack-Gladstone Bank, located in Peapack-Gladstone, N.J.
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