Peapack-Gladstone Financial Corporation Receives Approval From U.S. Treasury to Redeem a Portion of the Preferred Stock

Peapack-Gladstone Financial Corporation

announced today that it has received approval from the U.S. Treasury to redeem an additional 25% of the preferred shares originally issued under the Treasury's Capital Purchase Program. The Corporation expects to repay approximately $7.2 million to the Treasury (including accrued and unpaid dividends of approximately $15 thousand) on March 2, 2011. The Corporation's redemption of the shares is not subject to additional conditions or stipulations from the Treasury.