Peapack-Gladstone Financial Corporation is advancing its regional expansion strategy by targeting Long Island's commercial and retail banking markets. The bank has secured temporary commercial space in Melville and received board approval to pursue permanent retail space in Garden City, following its successful establishment in mid-town Manhattan.
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 reflects the institution's ambition to extend its commercial business and provide direct banking access to local clients.
Andrew Corrado, President of Peapack Private's New York office, highlighted the bank's competitive positioning against larger financial institutions. With the recent addition of Joseph Fingerman to lead the Commercial Real Estate division, the bank is strategically positioned to penetrate the New York metro area market.
The expansion comes as Peapack-Gladstone Financial Corporation demonstrates significant financial strength, with total assets of $7.1 billion and assets under management of $11.8 billion as of March 31, 2025. Founded in 1921, the bank has built a reputation for client-centric banking and comprehensive financial solutions.
By establishing a presence in Long Island, Peapack Private Bank & Trust aims to introduce its specialized private banking model to a new market segment, potentially disrupting the existing financial services landscape and offering alternative banking options for local businesses and individuals.
