Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), parent company of Peapack-Gladstone Bank is pleased to announce that it has completed the acquisition of New Providence, NJ-based Lassus Wherley, effective September 1, 2018.
Founders Diahann W. Lassus and Clare E. Wherley remain as President and Chief Executive Officer, respectively, of the Bank’s newest subsidiary. The entire Lassus Wherley team will also remain, as the subsidiary joins Peapack Private, the Bank’s robust wealth management division.
Established in 1985, Lassus Wherley, a prominent and accomplished women-owned business, is a wealth management firm with expertise in financial planning, investment management, tax preparation, trust services, and family office support. They specialize in assisting individuals, couples, families, pension and profit sharing plans, trusts, estates, and charitable organizations, in identifying their needs, desires, and goals.
“Lassus Wherley is a uniquely talented firm,” said John P. Babcock, President of Peapack Private. “They share our core values and our vision of putting clients first, working as one team and offering best-in-class solutions.” He continued, “We are proud to have the entire Lassus Wherley team join our organization and represent Peapack Private at the highest level.”
With a combined market value of approximately $6.2 billion of client assets under management and administration at September 1, 2018, Peapack Private Wealth Management is the largest New Jersey-headquartered, bank-owned trust company in the state. This is the fourth acquisition made by Peapack-Gladstone Financial Corporation since 2015.
Park Sutton Advisors LLC served as exclusive financial advisor to Peapack-Gladstone Bank on this transaction.