Peapack-Gladstone Bank: “Expanding Our Reach”
Objectives:
Taking over as CEO in late 2012, Doug Kennedy recognized the opportunity this small, proud–but stagnant–bank presented. Known by local horse-country residents as the wealthy people’s bank, this central-New Jersey institution had hovered near $1.5 billion (assets) for a number of years. Employees were extremely loyal, customers felt known and well taken care of, but the Board was committed to pursuing a growth strategy that built on the bank’s sedate, service-oriented culture.

Eight years in a row on American Banker’s “Best Banks to Work For” list

Our Role:
Shortly after starting at Peapack, Doug asked that we work with the management team to help boost the levels of energy, conviction and growth orientation. Over the course of several months we worked with the team to explore, develop and commit to a bold, ambitious vision of being a “high-performing boutique bank known nationally for unparalleled client service, integrity and trust.” In parallel with bank personnel developing a detailed strategy for specific growth and infrastructure improvement projects, we designed a Peapack Experience program that steeped all current and newly arriving employees in the historical principles that had allowed the bank to distinguish itself with respect to service, while also introducing forward-looking principles that would allow the bank to win in an increasingly competitive marketplace. We continue to work with Doug Kennedy and his team on inter-departmental collaboration, overall employee engagement as well as other coaching and development initiatives.
Outcomes:
This is an ongoing, multi-year journey. So far the results have been impressive. All standard bank metrics are stellar; the bank is approaching $10 billion in assets, revenues YE 2025 were $110 million vs. $10 million in 2012. Shares recently hit a multi-year high above $42 having advanced from $14.12 since 2012. Employee engagement has improved dramatically, the overall mood and morale improvement is palpable and the bank has been on American Bankers Best Banks to Work For since 2018. Says Kennedy, “We have a long way to go but we have made incredible progress. We have a terrific team in place and there are great things in store for us. We could not have moved this quickly without your help.”
