UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  ------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


Date of report (Date of earliest event reported)  December 14, 2006
                                                  ------------------------------

                     PEAPACK-GLADSTONE FINANCIAL CORPORATION
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               (Exact Name of Registrant as Specified in Charter)


         New Jersey                   001-16197             22-3537895
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(State or Other Jurisdiction          (Commission           (I.R.S. Employer
     of Incorporation)                 File Number)          Identification No.)


158 Route 206, Peapack-Gladstone, New Jersey                        07934
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(Address of Principal Executive Offices)                            (Zip Code)


Registrant's telephone number, including area code    (908) 234-0700
                                                      --------------------------

         Check the  appropriate  box below if the Form 8-K filing is intended to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

      |_| Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)

      |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)

      |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

      |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))




Item 5.02. Departure of Principal Officers;  Election of Directors;  Appointment
of Principal Officers; Compensatory Arrangements of Certain Officers.

On December 14, 2006,  the  Compensation  Committee of the Board of Directors of
Peapack-Gladstone   Financial  Corporation  (the  "Corporation")  exercised  its
discretion  and  authorized  payment  of a cash  bonus to each  named  executive
officers named below (collectively, the "Executives") in the following amounts:

     Frank A. Kissel, Chairman & CEO                              $ 37,322
     Craig C. Spengeman, President PGB Trust & Investments        $ 27,143
     Robert M. Rogers, President & COO                            $ 23,750
     Arthur F. Birmingham, Executive V.P. & CFO                   $ 20,358
     Garrett P. Bromley, Executive V.P. & Chief Credit Officer    $ 17,788

On December 14, 2006, the  Corporation  and each of the Executives  entered into
employment  agreements (the "Agreements").  The Agreements are for a term of one
year,  effective  January  1,  2007 and  expiring  on  December  31,  2007.  The
Agreements are attached hereto as Exhibits 10.1, 10.2, 10.3, 10.4 and 10.5.

The Agreements  provide,  among other things,  (i) for participation  during the
employment  term in all  compensation  and employee  benefit plans for which any
salaried  employees of the  Corporation  are eligible,  (ii) current annual base
salaries,  and (iii)  discretionary  bonus  payments  determined by the Board of
Directors in due course. The 2007 annual base salaries are as follows:  $321,903
for Mr. Kissel,  $234,111 for Mr. Spengeman,  $204,847 for Mr. Rogers,  $175,583
for Mr. Birmingham and $161,000 for Mr. Bromley.

If  an  Executive's  employment  is  terminated  pursuant  to  a  Without  Cause
Termination (as such term is defined in the Agreements),  the Corporation  shall
pay the Executive's  base salary for a period of one year. In the event that the
Corporation  terminates the Executive's employment pursuant to a Termination for
Cause (as such term is  defined  in the  Agreements),  permanent  disability  or
death,  or the Executive  terminates his employment  (whether or not pursuant to
retirement),  the Corporation shall pay the Executive any earned but unpaid base
salary  through the date of  termination  of  employment.  The  Agreements  also
include certain non-compete provisions,  which extend for one year following the
Executive's termination of employment, and certain non-solicitation  provisions,
which extend for two years following the Executive's  termination of employment.
The foregoing  description of the Agreements does not purport to be complete and
is qualified  in its  entirety by reference to the full text of the  Agreements,
which are filed as Exhibits hereto and are incorporated herein by reference.





Item 9.01 Financial Statements and Exhibits

10.1     Executive  Employment  Agreement  dated  December  15, 2006 between the
         Corporation and Frank A. Kissel.
10.2     Executive  Employment  Agreement  dated  December  15, 2006 between the
         Corporation and Craig C. Spengeman.
10.3     Executive  Employment  Agreement  dated  December  15, 2006 between the
         Corporation and Robert M. Rogers.
10.4     Executive  Employment  Agreement  dated  December  15, 2006 between the
         Corporation and Arthur F. Birmingham.
10.5     Executive  Employment  Agreement  dated  December  15, 2006 between the
         Corporation and Garrett P. Bromley.

                                    SIGNATURE

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                         PEAPACK-GLADSTONE FINANCIAL CORPORATION


Dated:   December 20, 2006               By:   /s/ Arthur F. Birmingham
                                             ------------------------------
                                         Name:  Arthur F. Birmingham
                                         Title: Executive Vice President and
                                                Chief Financial Officer





                                  EXHIBIT INDEX

   Exhibit No.    Title
   -----------    -----

      10.1        Executive Employment Agreement dated December 15, 2006 between
                  the Corporation and Frank A. Kissel.

      10.2        Executive Employment Agreement dated December 15, 2006 between
                  the Corporation and Craig C. Spengeman.

      10.3        Executive Employment Agreement dated December 15, 2006 between
                  the Corporation and Robert M. Rogers.

      10.4        Executive Employment Agreement dated December 15, 2006 between
                  the Corporation and Arthur F. Birmingham.

      10.5        Executive Employment Agreement dated December 15, 2006 between
                  the Corporation and Garrett P. Bromley.