Peapack Private Bank & Trust is advancing its expansion strategy by targeting Long Island's commercial and retail banking markets, marking a strategic move to broaden its regional presence in the tri-state area. The bank has secured temporary commercial space in Melville and received board approval to pursue permanent retail space in Garden City, reflecting a calculated approach to market penetration.
Bank leadership views this expansion as a natural progression of their growth strategy. President and CEO Doug Kennedy emphasized the strategic importance of the move, noting that entering the Long Island market provides direct access to potential clients seeking personalized private banking services. The bank's recent establishment of a mid-town Manhattan commercial space has likely provided momentum for this next phase of regional development.
Andrew Corrado, President of Peapack Private's New York office, highlighted the bank's competitive positioning against larger financial institutions. The addition of Joseph Fingerman as President of the Commercial Real Estate division, along with his dedicated team covering the New York metro area, strengthens the bank's capacity to execute its expansion plans effectively.
With total assets of $7.1 billion and assets under management of $11.8 billion as of March 31, 2025, Peapack-Gladstone Financial Corporation demonstrates substantial financial strength to support its growth initiatives. The bank's client-centric approach, offering customized wealth management, investment banking, and personal banking solutions, differentiates it in a competitive financial services landscape.
This Long Island expansion represents more than a geographical extension; it signifies the bank's commitment to providing personalized financial services across diverse markets. By targeting a region known for its robust business environment and affluent client base, Peapack Private Bank & Trust is positioning itself to capture new market opportunities and diversify its client portfolio.
The strategic move underscores the bank's long-term vision of growth and its ability to adapt to changing regional economic dynamics. As financial institutions increasingly compete on the basis of personalized service and local market understanding, Peapack's targeted expansion could serve as a model for regional banking growth strategies.
