Peapack-Gladstone (PGC) to Redeem All Preferred Under Treasury's CPP
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Peapack-Gladstone Financial Corporation (Nasdaq: PGC) has received approval from the U.S. Treasury to redeem all of the remaining shares of preferred stock originally issued under Treasury's Capital Purchase Program ("CPP"). The Corporation expects to repay approximately $14.5 million to Treasury (including accrued and unpaid dividends of $112 thousand) on January 11, 2012. The Corporation's redemption of the shares is not subject to additional conditions or stipulations from Treasury.
As a result of the repurchase, accrued and unpaid dividends of $112 thousand will be paid and the accretion related to the preferred stock will be accelerated and an approximate $362 thousand total accretion will be recorded. As a result of these two items, a $474 thousand reduction to retained earnings will be recorded during the first quarter of 2012.
As a result of the repurchase, accrued and unpaid dividends of $112 thousand will be paid and the accretion related to the preferred stock will be accelerated and an approximate $362 thousand total accretion will be recorded. As a result of these two items, a $474 thousand reduction to retained earnings will be recorded during the first quarter of 2012.
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