Moody’s rates Peapack-Gladstone Baa3

Moody’s Investors Service said it assigned ratings to Peapack-Gladstone Financial Corp. and its operating bank subsidiary, Peapack-Gladstone Bank.

Peapack-Gladstone Financial and Peapack-Gladstone Bank both have an issuer rating of Baa3.

The bank was assigned long- and short-term deposit ratings of A3/Prime-2, together with a standalone baseline credit assessment of baa2.

Moody's also assigned long- and short-term counterparty risk assessments of Baa1(cr) and Prime-2(cr) and long- and short-term counterparty risk ratings (local and foreign currency) of Baa2 and Prime-2 to the bank.

The outlook for both entities is stable.

The agency said the ratings reflect a strong balance sheet, characterized by good asset quality, low reliance on confidence-sensitive market funding, and high capitalization.

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