Peapack-Gladstone Financial Corporation
                  Announces Extension Of Stock Repurchase Plan


GLADSTONE, N.J. - (Business Wire) - April 14, 2006 - The Board of Directors of
Peapack-Gladstone Financial Corporation (AMEX:PGC) has authorized an extension
of the stock repurchase plan which was to expire on April 15, 2006, for an
additional twelve months.

      The original plan, adopted on April 15, 2005, authorized the purchase of
150,000 shares of its common stock. During this initial one-year term of the
plan 47,500 shares of stock were purchased, leaving 102,500 shares authorized to
be purchased during the next twelve months. Purchases may be made from time to
time in the open market or in privately negotiated transactions, at prices not
exceeding prevailing market prices. Peapack-Gladstone Financial Corporation
currently has 8,270,155 common shares outstanding.

      The acquired shares are to be held in treasury to be used for general
corporate purposes.

      Peapack-Gladstone Financial Corporation is a bank holding company with
total assets of $1.29 billion as of March 31, 2006. Peapack-Gladstone Bank, its
wholly owned community bank was established in 1921, and has 21 branches in
Somerset, Hunterdon and Morris Counties. Its Trust Division, PGB Trust and
Investments, operates at the Bank's main office located at 190 Main Street in
Gladstone and at 233 South Street in Morristown. To learn more about
Peapack-Gladstone Financial Corporation and its services please visit our web
site at www.pgbank.com or call 908-234-0700.

           Cautionary Statement Concerning Forward-Looking Statements

The  foregoing  contains  forward-looking  statements  within the meaning of the
Private  Securities  Litigation  Reform  Act of 1995.  Such  statements  are not
historical  facts and include  expressions  about  management's  confidence  and
strategies and  management's  expectations  about new and existing  programs and
products,  acquisitions,  relationships,  opportunities,  taxation,  technology,
market conditions and economic expectations.  These statements may be identified
by such forward-looking  terminology as "expect,"  "anticipate," "look," "view,"
"opportunities,"  "allow,"  "continues,"  "reflects,"  "believe," "may," "will,"
"should" or similar statements or variations of such terms. Such forward-looking
statements  involve certain risks and  uncertainties.  Actual results may differ
materially  from  such  forward-looking   statements.  The  Company  assumes  no
obligation for updating any such forward-looking  statement at any time. Factors
that may cause actual results to differ  materially  from those  contemplated by
such   forward-looking   statements  include,   but  are  not  limited  to,  the
availability of the necessary  capital to make  repurchases and a decline in the
economy in New Jersey.


Contact:

Arthur F. Birmingham, Chief Financial Officer
Peapack-Gladstone Financial Corporation
T: 908-719-4308

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