Peapack-Gladstone Bank is headquartered in Bedminster and is the 10th largest bank in the state of New Jersey. It is also the 223rd largest bank in the nation. It was established in 1921 and as of September of 2020, it had grown to 470 employees at 20 locations. Peapack-Gladstone Bank has an A health rating.
This bank is known for its very friendly staff. They are quite accommodating and make you feel welcomed when you come in. On occasion they have waved some fees that I incurred as a friendly gesture to me. This happened when I called their help line and I did not have to wait very long to talk to someone. It is a benefit of smaller banks that you don't have to be put on hold so much. There aren't any fees if the minimums are made for each account and that is not very difficult for me at all. There are a lot of branches near me so it is very easy to make deposits and withdrawals whenever I need. They also have a coin counting machine which makes getting rid of change very easy. Their website has come a long way and is fine to use. I feels a little clunky at times. The savings rate is not amazing but it is pretty much the same as any other bank around.
I believe that Peapack Gladstone Bank took advantage of my elderly uncle. When he was 88 years old, they convinced him to sign a Revocable Trust document appointing the bank as Trustee of all his investment assets. No family members or impartial notaries were present at the signing. In fact, the document was notarized 3 days after my uncle signed it, in another state, and without my uncle present. There were no impartial witnesses present to evaluate his understanding of the document before he signed it. He also signed a fee agreement, which he later told his attorney that he did not understand. The Trust had no benefit to my uncle or his estate, but greatly benefited Peapack Gladstone Bank by appointing the bank as sole Trustee, giving them total control over his assets, and providing regular monthly fees to the bank. After my uncle’s death, the bank used their authority to hire lawyers to administer the trust distribution and paid them from the trust (totaling more than $19,000), while they continued to take their full Trustee fee of approximately $3500 per month over the course of the trust administration and distribution. Additionally, and most shockingly, the fee agreement that my uncle signed when they executed the Revocable Trust document allowed for a termination fee to be charged upon my uncle’s death! The termination fee totaled just shy of $100,000. This type of fee may typically be charged to new clients. My uncle and his wife were customers of the bank for over 35 years. The bank’s actions may not be illegal, but what they did is morally and ethically wrong. It is my hope that this bank never takes advantage of another elderly client again.
I actully used to work at this bank a few years ago and out of curiosity I searched the reviews up for it and found that nothing has changed. The reviews that you see are correct and aren't just frustrated customers fueled by anger. Peapack Gladstone bank like to cater to the customers with the bigger accounts (as do most banks) but could care less about anyone beneath them. When I worked there we were aloud to reverse fee charges to customer who were well known with their wealth (which charges were reversed everytime) but if your account wasn't up to their standards then you didn't stand a chance for a reversal. We also as an employee had to sign christmas cards ONLY for customers who carried big accounts with us. Peapack gladstone caters only to the rich and could care less about anyone else. My advice, bank with a bigger bank because they don't need to depend on the wealthier customers just to keep their head above water. A bigger and more reputable bank will treat you like an equal and the way you deserve to be treated.
Has Peapack Gladstone lost their minds, I have had a personal checking account with Peapack Gladstone Bank for the past 10 years. Last month I got charged $10.00 on my FREE checking account. When I called they said they changed their policy on offering free checking accounts. No mater what level of relationship you have with the bank. If you don't maintain $3000.00 in a checking account you get wacked. No over all relationship, no senior checking, no long term relationship, etc. I have different relationship levels with Chase, Santander, Sun National, PNC, BankAmerica, none of which charge a fee for my checking accounts. Most have larger foot prints area wise that Peapack Gladstone with branches across the US. Some even refund the fee that other Banks charge for using their ATM's. Not a very bright policy for a small local bank.
My company banks with the above mentioned bank. They put $116.00 into my Trust Account that was not mine. I found this mistake and brought it to their attention. They said they mistakenly put some other persons money in my Attorney Trust Account. This is scary and they are quite indignant when you question them about their mistakes. They clearly run their bank under the philosophy that he who has the bigger stick wins. Quite a foolish attitude to take when they are operating in such a small Community. They also favor certain people when it comes to assessing or not assessing fees. If you are an average middle class american working to make ends meet this is not the bank for you they only favor the wealthy.
|FDIC Certificate #||11035|
|Return on Assets - YTD||0.61%|
|Return on Equity - YTD||6.18%|
|Annual Interest Income||$127.2MM|
|Assets and Liabilities|
|Assets||Q3 2020vs Q3 2019||$5.95B$4.92B|
|Loans||Q3 2020vs Q3 2019||$4.39B$4.13B|
|Deposits||Q3 2020vs Q3 2019||$4.87B$4.06B|
|Equity Capital||Q3 2020vs Q3 2019||$586.7MM$574.5MM|
|Loan Loss Allowance||Q3 2020vs Q3 2019||$66.1MM$41.6MM|
|Unbacked Noncurrent Loans||Q3 2020vs Q3 2019||$18.6MM$29.4MM|
|Real Estate Owned||Q3 2020vs Q3 2019||$50.00K$336.00K|
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