Peapack Private Bank Expands to Long Island with Strategic Commercial Presence
Peapack Private Bank & Trust is broadening its regional footprint by establishing commercial and retail spaces in Long Island, signaling an aggressive growth strategy in the New York metropolitan area. The expansion aims to attract new clients and compete with larger financial institutions.
Peapack Private Bank & Trust is positioning itself for significant growth in the New York metropolitan market through strategic expansion to Long Island. The bank has secured temporary commercial space in Melville and received board approval to pursue permanent retail space in Garden City, building upon its recent mid-town Manhattan commercial establishment.
President and CEO Doug Kennedy described the move as a natural progression of the bank's expansion plans in the tri-state area. The bank's leadership views Long Island as a critical market for attracting new commercial and private banking clients.
Andrew Corrado, President of Peapack Private's New York office, emphasized the bank's competitive positioning, noting their ability to rival larger financial institutions. The recent addition of Joseph Fingerman to lead the Commercial Real Estate division further strengthens their strategic approach to market expansion.
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 94-year history to offer comprehensive banking solutions. The bank's client-centric approach includes wealth management, investment banking, and personalized financial services.
This expansion represents a significant strategic move for Peapack Private Bank, positioning the institution to capture market share in a competitive financial services landscape and demonstrate continued growth beyond its New Jersey roots.