Peapack-Gladstone Financial, the parent of Peapack-Gladstone Bank, has agreed to acquire New Jersey-based Lassus Wherley & Associates. Financial terms of the agreement were not divulged.

Lassus Wherley, founded in 1985, offers fee-only wealth management services for individuals, families, trusts, estates and charitable organisations. The firm offers financial planning, investment management, tax preparation, family office, and trust services.

The deal will boost Peapack-Gladstone’s assets by more than $500m and is expected to be accretive to earnings immediately.

Lassus Wherley president Diahann Lassus said: “This partnership will allow us to continue to focus on expanding services to clients while continuing to do what we do well.”

The acquisition is expected to close in the third quarter of this year, subject to regulatory approvals.

Peapack Private Wealth Management president John Babcock said: “We continue to look for talented firms, that are like-minded and built on the foundation of providing advice-led solutions, and doing the right thing.

“We are looking forward to introducing Lassus Wherley as a valuable part of the Peapack Private brand.”

Peapack-Gladstone has been on an acquisition spree in the recent times to expand its wealth management capabilities. The firm earlier acquired Wealth Management Consultants, Murphy Capital Management and Quadrant Capital Management.