Bedminster, NJ, Dec. 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE --Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce that Douglas L. Kennedy, President and Chief Executive Officer, has been appointed to the Board of Directors of the Federal Reserve Bank of New York (New York Fed). Mr. Kennedy was elected by peer member banks as a “Class A Director” for a three-year term ending December 31, 2022.
As President and CEO of Peapack-Gladstone Bank, Mr. Kennedy is responsible for developing and executing on its strategic vision, which was launched in 2013. He leads the Bank’s wealth, lending and deposit divisions, along with its branding, human capital, operations and technology functions, to deliver a unique private banking style of client service and superior product solutions. With more than 40 years in the industry, Doug is a passionate and versatile financial services leader with a proven track record of building and repositioning businesses.
Each Federal Reserve Bank has nine directors who represent the interests of their District and whose experiences provide a wider range of expertise which helps the Federal Reserve Bank fulfill its policy and operational responsibilities. Those directors are divided evenly by classification: designated Class A, B, and C. Class A directors represent the member banks in the District.
Federal Reserve Bank directors serve as a link between the Federal Reserve and the private sector, ensuring that the Federal Reserve’s decisions on monetary policy are informed by economic conditions on the ground.
“I am grateful for the opportunity to serve on the New York Fed’s Board,” stated Mr. Kennedy. He continued, “It is an exciting and critical time in our industry, and I am looking forward to sharing my views and perspective over the next three years.”
Before joining Peapack-Gladstone Bank in 2012, Doug served as president of the New Jersey Market for Capital One Bank. He also held key executive level positions at Fleet Bank, Summit Bancorp and Bank of America. He is a graduate of Sacred Heart University in Fairfield, Connecticut with a BS in Economics and an MBA in Finance. In 2015 he was named CEO of the Year by Corporate LiveWire as part of its Innovation & Excellence Awards. He was named to the NJBIZ “Power 50 Banking” list and the NJBIZ “Power 50: The 50 Most Powerful Non-Profit Board Members” list in 2011. He sits on Sacred Heart’s Board of Trustees and is a member of the Montclair State University Board of Trustees. In addition, Doug serves on the Boards of the NJBankers Association and New Jersey Chamber of Commerce.
About the Company
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $4.93 billion and assets under management and/or administration of $7.0 billion as of September 30, 2019. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, commercial and retail solutions, including residential lending and online platforms, to businesses and consumers. Peapack Private, the bank’s wealth management division, offers comprehensive financial, tax, fiduciary and investment advice and solutions, to individuals, families, privately-held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service. Visit www.pgbank.com and www.peapackprivate.com for more information.
Contact: Denise M. Pace-Sanders, Senior Vice President Brand and Marketing Director, dpace@pgbank.com, 908.470.3322, Peapack-Gladstone Bank, 500 Hills Drive, Suite 300, Bedminster, NJ 07921.
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