Park Sutton Advisors represents Peapack-Gladstone Bank on its acquisition of Point View Wealth Management
July 9, 2019 – Park Sutton Advisors, LLC (“Park Sutton Advisors”) is pleased to have served as financial advisor to Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), the parent company of Peapack-Gladstone Bank, on its pending acquisition of Point View Wealth Management (“Point View”), a fee-only wealth management firm in Summit, New Jersey with over $300 million in assets under management. The transaction is expected to close in the third quarter of 2019 and to be immediately accretive to PGC earnings.
John P. Babcock, President of Peapack Private Wealth Management stated “Summit, and the surrounding area, is a great market where we already have a number of relationships with clients, professionals and not-for-profit organizations, as well as a retail branch location. Acquiring Point View allows us to expand our presence in this highly competitive and sought-after market with a high-quality organization and top-flight professionals that have deep and long-standing ties in this community. We’re thrilled to have Point View join our growing wealth management business.”
“We were delighted to work again with Peapack-Gladstone as it continues to build its Peapack Private Wealth platform throughout its footprint,” said Annie Tronoski, Park Sutton Managing Director. She continued, “Strategic wealth acquisitions that are grounded in local markets are so compelling for smaller banks looking to grow fee income and deliver earnings accretion to their shareholders while benefiting clients on both sides of the table.”
Steven Levitt, Park Sutton Founder added, “M&A activity in the RIA space continues to accelerate and buyers continue to outnumber sellers. Smart acquirers like PGC who commit time and resource to a recurring, strategic acquisition program have a much greater likelihood of success as they are not captive to the ebbs and flows of supply and demand. We wish the best for Peapack Private and Point View in their combination.”
Park Sutton Advisors | Investment Banking Boutique
Park Sutton Advisors is a leading investment banking boutique that specializes in the financial services industry. With over 70 years of aggregate experience, our senior team has worked in many facets of the financial services industry, including investment banking, asset management and mutual funds, consumer finance, insurance, equity research and funds evaluation.