New Jersey-based Peapack-Gladstone Financial, the parent of Peapack-Gladstone Bank, has agreed to buy local peer Point View Wealth Management.

The deal, whose financial terms were not divulged, is pending regulatory approval.

Headquartered in Summit, Point View focuses on retirement and educational planning, tax minimisation and estate planning strategies. The firm was set up in 1993.

Point View founder and president David Dietze said: “This is a natural transition for us and will allow us to continue to help our clients build wealth through our combined capabilities.”

Peapack-Gladstone Financial’s assets totalled $4.66bn at the end of March 2019.

The latest transaction will add over $300m in assets to the firm’s books.

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The deal is anticipated to complete in the third quarter of this year and immediately add to the acquirer’s earnings.

Peapack Private Wealth Management president John Babcock said: “Summit, and the surrounding area, is a great market where we already have a number of relationships with clients, professionals and not-for-profit organisations, as well as a retail branch location.

“Acquiring Point View allows us to expand our presence in this highly competitive and sought-after market with a high-quality organisation and top-flight professionals that have deep and long-standing ties in this community.”

A year ago, Peapack-Gladstone Financial acquired New Jersey-based Lassus Wherley & Associates.