Peapack Private Strengthens New York Team with Addition of Vanessa Tortorice as Senior Managing Director

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has announced a significant addition to its Peapack Private division, appointing Vanessa Tortorice as Senior Managing Director at their New York City location. This strategic hire underscores the company's commitment to growth and excellence in the competitive New York financial services market.

Tortorice brings 12 years of valuable experience in the financial sector to her new role at Peapack Private. Her appointment is expected to bolster the division's capabilities in providing tailored banking solutions to high-net-worth clients and businesses in the New York area. With a focus on commercial and industrial business growth, Tortorice's expertise aligns with Peapack Private's mission to help clients achieve their long-term financial objectives.

Prior to joining Peapack Private, Tortorice held the position of Vice President and Senior Business Banker at M&T Bank, where she managed a portfolio of high-net-worth clients. Her success in fostering client relationships and driving cross-functional collaboration contributed significantly to revenue growth in her previous role. Tortorice's track record also includes a stint as Vice President of Business Banking at Capital One, where she consistently exceeded targeted net portfolio loan and deposit growth objectives.

The addition of Tortorice to the Peapack Private team is indicative of the firm's strategic focus on expanding its presence in the New York market. As a division of Peapack-Gladstone Bank, Peapack Private offers comprehensive financial, tax, fiduciary, and investment advice to individuals, families, privately held businesses, family offices, and not-for-profit organizations. The hiring of a seasoned professional like Tortorice signals the company's intent to enhance its service offerings and capture a larger share of the lucrative New York financial services market.

Peapack-Gladstone Financial Corporation, the parent company of Peapack-Gladstone Bank and Peapack Private, reported total assets of $6.51 billion and assets under management and/or administration of $11.5 billion as of June 30, 2024. The corporation's strong financial position provides a solid foundation for expansion and growth initiatives, such as the strategic hiring of key personnel like Tortorice.

The appointment of Tortorice comes at a time when personalized banking services for high-net-worth individuals and businesses are in high demand. Her expertise in managing diverse portfolios and her proven ability to exceed growth targets position Peapack Private to capitalize on opportunities in the competitive New York market. This move may also signal a broader trend in the financial services industry, where institutions are increasingly focusing on providing tailored solutions to meet the complex needs of affluent clients and businesses.

As the financial landscape continues to evolve, the addition of experienced professionals like Tortorice to established institutions such as Peapack Private reflects the ongoing importance of relationship-based banking in the digital age. This hiring decision demonstrates Peapack-Gladstone Financial Corporation's commitment to maintaining a competitive edge by combining traditional banking values with innovative financial solutions.

The impact of this appointment extends beyond Peapack Private and could potentially influence the broader financial services sector in New York. As banks and financial institutions vie for market share, strategic hires of seasoned professionals may become increasingly common, potentially leading to enhanced competition and improved service offerings for clients across the industry.