Boston, MA 03\/25\/2014 (wallstreetpr) –\u00a0Investigation proceedings have been declared against bank holding company Peapack-Gladstone Financial Corp (NASDAQ:PGC)<\/b>. The bank is being investigated in connection with potential breach of fiduciary duties.<\/p>\n
The company owns total assets valued at $1.97 billion as of the end of 2013.\u00a0 PGC provides a variety of banking services and financial solutions through its land-based locations and online platforms. It serves non-profits, businesses and individual customers. The company also provides wealth management.<\/b><\/p>\n
Impact of share dilution<\/b><\/p>\n
As concerns the investigation that is being spearheaded by Juan E. Monteverde, the company\u2019s practice is being looked into for possible breach of fiduciary duties related to a long-term stock inventive program. Last week Peapack-Gladstone Financial Corp (NASDAQ:PGC) sought shareholder approval for the so-called 2012 Long-Term Incentive Plan, but questions have been raised about whether such approvals are in the best interest of the investors.<\/p>\n
The called-for approval will allow the company to issue about 300,000 common stock shares under the long-term stock incentive program, yet this will result in dilutive effective on the company\u2019s common stock, thus eroding value for current shareholders.<\/p>\n
Thus, on behalf of investors, the investigation seeks to unearth if the management of Peapack-Gladstone Financial Corp (NASDAQ:PGC) breached some good-practice provisions while putting forward a call for shareholder vote to approve common stock issuance which has dilutive aftermath.<\/p>\n
Peapack-Gladstone Financial Corp (NASDAQ:PGC) current has market cap of $262.17 million and 11.89 million outstanding shares.<\/p>\n
Stock performance<\/b><\/p>\n
Despite the investigation proceedings announced against Peapack-Gladstone Financial Corp (NASDAQ:PGC), shares of the company had little to stop them on their way up during trading Monday. Shares rose 9.7 percent to $22.05 by closing bell. The heavy volume trading session saw shares shifting hands between $20.05 and $22.35 throughout the day, thus establishing a new high price level. Trading opened with shares at $20.06.<\/p>\n
The past 52-week time-frame has seen the shares changing hands between $13.87 and $22.35.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 03\/25\/2014 (wallstreetpr) –\u00a0Investigation proceedings have been declared against bank holding company Peapack-Gladstone Financial Corp (NASDAQ:PGC). The bank is being investigated in connection with […]<\/p>\n","protected":false},"author":6,"featured_media":17977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[5478,5477],"stock_ticker":[],"class_list":["post-17976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nasdaqpgc","tag-peapack-gladstone-financial-corp-nasdaqpgc","entry"],"acf":[],"yoast_head":"\n