Peapack Private Bank & Trust Expands to Long Island, Targeting Commercial and Retail Growth

Peapack Private Bank & Trust is advancing its strategic expansion plan with a targeted focus on Long Island, signaling significant growth ambitions in the New York metropolitan market. The financial institution has secured temporary commercial space in Melville and received board approval to pursue permanent retail locations in Garden City, marking a critical phase of its regional development strategy.

The bank's leadership views this expansion as a natural progression of its growth trajectory. Doug Kennedy, President and Chief Executive Officer, emphasized the strategic importance of establishing a strong presence in Long Island, noting the region's potential for attracting new commercial clients seeking direct access to private banking services.

Andrew Corrado, President of Peapack Private's New York office, highlighted the bank's confidence in its competitive positioning, stating that they have already established themselves as a viable private banking institution capable of challenging larger financial entities. The recent addition of Joseph Fingerman as President of the Commercial Real Estate division, along with his dedicated team, further strengthens the bank's capacity to penetrate the New York metro market.

With total assets of $7.1 billion and assets under management of $11.8 billion as of March 31, 2025, Peapack-Gladstone Financial Corporation brings substantial financial resources to its Long Island expansion. The bank's client-centric approach, which offers comprehensive wealth management, investment banking, and personalized banking solutions, positions it to attract discerning clients in the region.

The strategic move into Long Island represents more than a geographical expansion; it demonstrates the bank's commitment to growth and its ability to adapt to evolving market dynamics. By targeting both commercial and retail spaces, Peapack Private Bank & Trust is positioning itself to capture diverse market segments and provide tailored financial services to individuals, businesses, and organizations in the area.