The board of Peapack-Gladstone Financial Corp. is seeking shareholder approval to raise the number of the company's authorized common shares to 42.0 million from 21.0 million.
As of March 15, according to Peapack-Gladstone Financial, 19,013,821 shares of common stock were issued and outstanding, and 408,178 shares of common stock were held as treasury shares. In addition, about 847,804 shares are subject to restricted and performance stock awards. Thus, the number of common shares available for issuance is 732,808, after taking into account shares reserved for issuance under the Bedminster, N.J.-based company's employee stock plans.
The board urged shareholders to approve the proposal, saying that the availability of additional authorized shares of common stock will provide Peapack-Gladstone Financial the "additional flexibility to issue common stock for a variety of general corporate purposes" such as stock splits, raising capital and future financings, among other things.
Peapack-Gladstone Financial's annual meeting of shareholders will be held May 9.
Peapack-Gladstone Financial also disclosed a 2017 CEO pay ratio of 29 to 1. CEO Douglas Kennedy received about $1.8 million in total compensation that year; the median employee received $61,415.