Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has announced a significant addition to its New York City team with the appointment of Vanessa Tortorice as Senior Managing Director at Peapack Private, a division of Peapack-Gladstone Bank. This strategic hire reflects the company's ongoing efforts to expand its presence and enhance its commercial banking capabilities in the competitive New York market.
Tortorice brings 12 years of valuable experience in the financial services sector to her new role at Peapack Private. Her appointment is expected to contribute significantly to the growth of the bank's commercial and industrial business in New York, a key market for the institution. Tortorice's expertise in managing high-net-worth clients and her track record of exceeding performance targets make her a valuable asset to the organization.
The addition of Tortorice to Peapack Private's team is particularly noteworthy given her impressive background. Prior to joining Peapack Private, she served as Vice President and Senior Business Banker at M&T Bank, where she demonstrated her ability to manage a portfolio of high-net-worth clients effectively. Her success in fostering relationship stewardship and driving cross-functional collaboration contributed significantly to revenue growth in her previous role.
Tortorice's earlier experience as Vice President of Business Banking at Capital One further underscores her capabilities. During her tenure there, she consistently surpassed targeted net portfolio loan and deposit growth objectives, managing a diverse portfolio of valued clients. Her performance ranked her within the top 10% nationally, a testament to her excellence in client acquisition, relationship management, and forging new banking alliances.
This appointment comes at a time when personalized banking solutions are increasingly in demand, particularly among high-net-worth individuals and businesses. Tortorice's dedication to providing tailored banking solutions aligns perfectly with Peapack Private's client-centric approach, which focuses on helping clients achieve their long-term financial goals.
The implications of this hire extend beyond the immediate strengthening of Peapack Private's New York team. It signals the bank's commitment to growth in a key financial market and its strategy of attracting top talent to enhance its service offerings. For clients in the New York area, this means access to a seasoned professional with a proven track record in relationship banking and a deep understanding of the local market dynamics.
Peapack-Gladstone Financial Corporation's decision to bolster its New York presence through this strategic hire reflects the broader trend in the banking industry of focusing on personalized, high-touch services for affluent clients and businesses. As of June 30, 2024, the corporation reported total assets of $6.51 billion and assets under management and/or administration of $11.5 billion, indicating its significant presence in the market.
The addition of Tortorice to the Peapack Private team is likely to enhance the bank's ability to compete effectively in the New York market, potentially leading to increased market share and revenue growth. For the broader financial services industry, this move highlights the ongoing importance of relationship-based banking and the value placed on professionals who can effectively manage and grow client portfolios.
As banks continue to navigate a complex economic environment, strategic hires like Tortorice demonstrate how financial institutions are positioning themselves to capitalize on growth opportunities and meet the evolving needs of their clients. The success of such appointments could influence similar moves by other banks looking to strengthen their presence in competitive markets.
