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Peapack-Gladstone Declares Quarterly Cash Dividend

The cash dividend will be paid to shareholders on August 1, 2005.Gladstone-based Peapack-Gladstone Financial (AMEX:PGC) announced Friday that its board of directors has declared a regular quarterly cash dividend of $0.11 per share on its common stock. The cash dividend will be paid to shareholders on August 1, 2005 and to shareholders of record on July 1, 2005.

The company reported net income of $3.7 million for the first quarter of 2005 as compared with $3.3 million for the first quarter of 2004, an increase of $422,000 or 12.9 percent. For the first quarter of 2005, net income per diluted share was $0.44, an increase of $0.05 or 12.8 percent when compared with $0.39 for the first quarter of 2004.
Peapack-Gladstone Financial is a bank holding company with total assets of $1.18 billion as of May 31, 2005. Peapack-Gladstone Bank, its wholly owned community bank has 19 branches in Somerset, Hunterdon and Morris counties.
At the close of trading, Peapack-Gladstone shares were up $0.20 to $26.64.