Peapack Private Bank & Trust is advancing its expansion strategy by targeting Long Island, with plans to establish new commercial and retail office spaces in Garden City and Melville, New York. The bank has already secured temporary commercial space in Melville and received board approval to pursue permanent retail locations.
President and CEO Doug Kennedy emphasized the strategic importance of this expansion, describing Long Island as a natural progression for the bank's growth. The move follows the successful opening of their mid-town Manhattan location at 300 Park Avenue, demonstrating the institution's commitment to broadening its geographical footprint.
Andrew Corrado, President of Peapack Private's New York office, highlighted the bank's competitive positioning, noting their ability to challenge larger financial institutions. The recent addition of Joseph Fingerman to lead the Commercial Real Estate division, specifically focusing on the New York metro area, further supports the bank's expansion objectives.
With total assets of $7.1 billion and assets under management of $11.8 billion as of March 31, 2025, Peapack-Gladstone Financial Corporation is leveraging its strong financial foundation to pursue strategic market growth. The bank's client-centric approach and comprehensive banking solutions position it to attract new clients and establish a significant presence in the Long Island market.
The expansion represents a calculated move to diversify the bank's geographical reach and tap into the potential of the Long Island business and personal banking sectors. By introducing their specialized private banking services to a new region, Peapack Private Bank & Trust aims to build upon its reputation for innovative and customized financial solutions.
