Peapack-Gladstone Financial Corporation Announces Repurchase of the Warrant Issued Under U.S. Treasury's Capital Purchase Program
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced today that it has paid $110,000 to the U.S. Treasury to repurchase the Warrant previously issued in January 2009 under the Treasury's Capital Purchase Program ("CPP"). The Warrant allowed purchase of up to 150,295 shares of the Corporation's common stock.
Frank A. Kissel, Chairman and CEO, said "After repurchasing the final remaining portion of the original CPP preferred stock investment during the first quarter of 2012, we have now repurchased all of the preferred shares and the Warrant, completely from internally generated capital, without diluting existing shareholders. As we communicated many times in the past, this was our plan and we have been successful." Mr. Kissel also noted that he is pleased to have taken this last step to completely conclude the Corporation's participation in the CPP.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.